Gold: Rising

GOLD (in USD)

Rising.

Gold increases and exceeds the 1345 resistance point (15/01/2018). Hourly support is maintained at 1'306 (04/01/2018 low). The commodity even outreached the strong resistance landmark at 1357 (08/09/2017 high). The technical structure indicates further shortterm upside moves.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is required to confirm it. A major support can be found at 1045 (05/02/2010 low).

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SILVER (in USD)

Bullish momentum continues.

Silver is continuing its hike to higher ends after a sharp correction (12/08/2017 low at 15.61). The short-term technical structure is turning positive, as hourly resistance at 17.43 (15/01/2018) is now broken. Further resistance lies at 18.21 (08/09/2017 high). Hourly support is at 16.75 (23/01/2018 low).

In the long-term, the trend remains negative. Further downside is very likely. The pair is trading slightly above its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).

CRUDE OIL (in USD)

Bounce continues.

Crude oil is increasing. Hourly resistance given at 64.89 (15/01/2018 ) is broken. Strong support is given at 60.93 (05/01/2018 low). Expected to keep increasing as demand remains strong.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness is very likely. For the time being the pair lies in an upside trend since June 2017. Support lies at 42.20 (16/11/2016) while new resistance point is located at 77.83 (20/11/2014). Crude oil is trading largely above its 200 DMA.

This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.