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Technical Update For Gold, Silver & WTI Crude Oil: 12.01.2018

By:
Anil Panchal
Published: Jan 12, 2018, 12:11 UTC

GOLD Having successfully breached the $1305-06 horizontal-region, the Gold is presently struggling with the $1332-33 resistance-zone, which if broken

Technical Update For Gold, Silver & WTI Crude Oil: 12.01.2018

GOLD

Having successfully breached the $1305-06 horizontal-region, the Gold is presently struggling with the $1332-33 resistance-zone, which if broken could escalate the metal’s northward trajectory towards the $1340, the $1342 and the $1345 consecutive upside numbers. Given the Bullion prices manage to surpass $1345 barrier, it can easily challenge the September 2017 high of $1357.50 while targeting $1361. Meanwhile, $1324, the $1317 and the $1313 are likely immediate supports that the precious-metal can test during its U-turn, breaking which $1306-05 area again comes into play. In case if the quote declines below $1305 on a daily closing basis, the $1299, the $1296 and the 100-day SMA level of $1290 may entertain the sellers.

SILVER

With the 100-day & 200-day SMA confluence offering good upward push to the Silver, chances of its another attempt to clear the $17.40 become brighter; though, $17.27 might act as nearby resistance. Should the metal surpasses the $17.40 cap beyond D1 close, the $17.70 and the descending trend-line figure of $17.86 are expected following numbers to appear on the chart ahead of reigniting the importance of $18.25 resistance-mark. Alternatively, the said region of SMA confluence, around $16.90-95 seems crucial on the downside, break of which can register $16.75 and the 50-day SMA level of $16.67 as supports. Assuming the Bears’ dominance after $16.67, $16.50 and the $16.20 may appear in their radars to target.

WTI Crude Oil

Ever since the Crude surpassed 200-week SMA during mid-December, it never stopped the north-run and recently challenged the three-year high; however, prices need to offer a weekly closing above $63.70 in order to justify its strength in targeting the $65.60 and the $69.50. Moreover, quote’s additional rise beyond $69.50 enables it to claim $73.00. On the downside, $62.00 and the $59.00 might entertain short-term sellers if prices reverse from current levels but the 200-week SMA figure of $57.00 could restrict its further declines. If energy trader fetches the Crude below $57.00 on a weekly closing basis, the $54.70 and the $52.00 seem important to watch.

Cheers and Safe Trading,
Anil Panchal

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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