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Technical Update For Gold, Silver & WTI Crude Oil: 20.07.2018

By:
Anil Panchal
Published: Jul 20, 2018, 12:57 UTC

GOLD In addition to its break of an upward slanting trend-line ranging since late-2015, the Gold also dipped beneath the 200-week SMA, which in-turn

Technical Update For Gold, Silver & WTI Crude Oil: 20.07.2018

GOLD

In addition to its break of an upward slanting trend-line ranging since late-2015, the Gold also dipped beneath the 200-week SMA, which in-turn signal brighter chances of its further downturn to $1200 round-figure if prices close below $1234-40 region including aforementioned catalysts. Should the sellers refrain to respect the $1200 mark, the $1193, the $1168 and the $1142 are likely following stops they can avail before visiting the $1125-30 support-zone. On the contrary, a weekly close beyond or within the $1234-40 area may trigger the metal’s recovery to $1270 and then to the $1283 resistances. However, there are multiple barriers for the Bullion between $1300 and the $1310 that may challenge the Buyers’ strength past-$1283.

SILVER

Not only Gold, the Silver also broke important support on the weekly chart, i.e. $15.60-65 horizontal-line. As a result, the Bullion seems well inclined to revisit the $15.00 support, breaking which $14.60 and the $14.25 can please the Bears. Given the quote’s sustained decline below $14.25, chances of its plunge to $14.00 and the $13.60 can’t be denied. Meanwhile, $15.60 and the $16.00 may entertain counter-trend traders prior to questioning them with $16.15 hurdle to north. In case the white-metal keep rising above $16.15, the $16.75, the $16.90 and the descending TL figure of $17.10 may appear in the Bulls’ radar to target.

WTI Crude Oil

Following its U-turn from 100-day SMA, WTI Crude oil is expectedly running towards $70.80 and the $71.60 if it manages to close above $70.30 on a daily closing basis. During the Crude’s upside post-$71.60, the $72.60 and the $73.50 can offer intermediate halts ahead of directing market attention to the $74.60 and the $75.35-55 area that includes recent high and resistance-line of an ascending trend-channel. Alternatively, the $68.50 and the 100-day SMA level of $67.35 can mark their presence on the chart during the quote’s pullback whereas channel-support figure of $65.85 may limit its extended downside. Assuming that the energy prices close below $65.85, the $64.30, the $63.50 and the $62.80 might be highlighted.

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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