Technical Update For Gold, Silver & WTI Crude Oil: 16.03.2018
GOLD
Considering its recent bounce off the $1313.50-$1312.50 horizontal-region, the Gold prices are likely heading towards a month-old descending trend-line resistance of $1326. Should the yellow metal clears the TL barrier of $1326, it can quickly rise to $1330 and then to the $1332, which if broken may help buyers to aim for $1340-41 resistance-zone. On the contrary, break of $1312.50 can reignite the importance of $1307 & $1302 ahead of highlighting the $1300 round-figure on the chart. Moreover, Bullion’s sustained downturn below $1300 might not hesitate recalling the $1288 & $1280 as quotes.
SILVER
Alike Gold, the Silver also took a U-turn from nearby horizontal-area, which is $16.35-$16.34 in this case. As a result, the metal is rising in direction to the $16.65 trend-line resistance, breaking which it could target $16.85 and the $17.00 numbers to north. If buyers refrain to respect the $17.00, $17.10 and the $17.30 may become their favorites. Meanwhile, a downside break of $16.34 may fetch the Silver to $16.25 and then to the $16.15 but it’s following declines may be challenged by the oversold RSI. Given the sellers’ dominance after $16.15, the 61.8% FE level of $16.00 and the $15.80 can be expected while being short.
WTI Crude Oil
Crude also portrays more or less the same trading pattern as of Gold and Silver at the moment. The energy vehicle reversed from $60.20-$60.00 horizontal-area and its present recovery have to confront the $62.00 TL in order to extend the pullback towards $62.60 and the $63.30; though, the $64.20-30 zone may confine its advances beyond $63.30. Alternatively, the $60.60 can offer immediate support to the prices ahead of pushing traders to watch $60.00 mark, which if broken might register $59.30 & $59.00 as quotes. During its further declines below $59.00, the $58.60 and the $58.00 shouldn’t be missed.
Cheers and Safe Trading,
Anil Panchal
This article was originally posted on FX Empire
