Technical Outlook For Gold, Silver & WTI Crude Oil: 17.08.2018

GOLD

Having breached 200-week SMA & $1206-04 horizontal-support, Gold dropped to the lowest levels in nineteen months and still has some room on the downside before visiting important support-region of $1130-27. However, the $1160-58 may offer an intermediate halt to the Bullion prior to dragging it to the $1130-27 area. In case the yellow metal refrains to respect the $1127 mark, the $1100 and $1088 could appear in the Bears radar to target. Given the prices witness short-covering pullback, the $1188 might become immediate cap ahead of highlighting the $1204-06 support-turned-resistance. Should the quote closes beyond $1206 on a weekly basis, the 200-week SMA level of $1234, followed by $1260, could gain market attention.

SILVER

Unlike Gold, the Silver seems already bounced off the $14.40-30 support-zone and may aim for the $15.00 during its further recovery. Though, $15.55-65 could confine the white-metal’s up-moves past-$15.00, if not then the $16.00 and the $16.40 can act as buffers in its rally towards 200-week SMA level of $16.55 and to the $17.00 trend-line. Alternatively, a weekly closing beneath the $14.30 may fetch the precious-metal to $14.00 and $13.85 whereas $13.60 could challenge the sellers then after. Assuming that the quote keep declining post $13.60, the $13.00 and the $12.80 might mark their presence on the chart.

WTI Crude Oil

Even after breaking six-month old ascending trend-line, the WTI Crude Oil took a U-turn from 200-day SMA and is rising in direction to the $66.30 support-turned-resistance-line. If prices surpass the $66.30 level on a daily closing, the $67.00 and the $68.50-55 resistance-confluence, comprising 100-day SMA & descending TL, might question the strength of momentum. Meanwhile, 200-day SMA level of $64.65 is likely adjacent support in case the energy-traders favor short positions, breaking which $64.10 and the $63.55 can become important to observe. Moreover, Oil’s extended south-run below $63.55 signals $62.30, $60.80 and the $60.10-$60.00 as crucial rest-points.