Following its failure to extend latest bounce, the Gold prices re-test two-month old TL support, around $1325.50, breaking which 50-day SMA level of $1319 and the $1307 are likely rests that it could avail before testing the $1298 support-mark, near to 100-day SMA. Moreover, the Bullion’s sustained downturn beneath the $1298 can further drag it towards 200-day SMA level of $1285.50 and then to the $1276 support-levels. Meanwhile, the $1333, the $1342 and the $1346 are likely immediate resistances for the yellow-metal to surpass in order to aim for $1358 and the January high of $1366. In case if the quote continue rising after $1366, the $1375 and the 61.8% FE level of $1387 could entertain the Bulls.
Unlike Gold, the Silver still has some room before it can test the short-term ascending trend-line, at $16.40 now, which if conquered could trigger the metal’s fresh south-run to $16.25 and then to the $16.18 ahead of fetching it to the 61.8% FE level of $16.00. Given the prices keep declining below $16.00, the $15.80 and the $15.60 could please the sellers. On the upside, a month-long downward slanting TL, at $16.70 becomes important for traders to watch, breaking which $17.00 can reappear on the chart. If at all the metal rises beyond $17.00, the $17.30 and the $17.50 could be flashed in buyers’ radar to target.
WTI Crude Oil
With the $63.00-$63.10 horizontal-region restricting the Crude’s upside, chances of its pullback to 62.00 and then to the $60.80 become brighter. Should energy prices break $60.80 on a daily closing basis, the $60.00, the $59.70 and the ascending TL support of $58.60 seem crucial. Alternatively, a D1 close beyond $63.10 could help commodity optimists to witness $64.30 and the $65.00 as quotes, breaking which $66.30 and the $66.75 may gain importance. Moreover, 61.8% FE level of $69.00 can mark its presence if the $66.75 fails to confine the up-moves.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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