Silver: Testing resistance 16.39

GOLD (in USD)

Selling pressures.

Gold is weakening following recent rise at 1325, heading along the 1315 range. Hourly support and resistance are given at 1314 (13/03/2018 low) and 1357 (26/01/2018 high). The technical structure suggests short-term upward moves.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1'392 (17/03/2014) is required to confirm it. A major support can be found at 1'045 (05/02/2010 low).

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SILVER (in USD)

Testing resistance 16.39.

Silver is decreasing further, approaching resistance at 16.39 (14/02/2018 low). Hourly resistance at 16.87 (06/03/2018 high) is distanced. The technical structure suggests further short-term decrease.

In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below 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)

Trading below 68.

Crude oil is decreasing further, heading along the 67.20 range. Crude Oil is trading at mid- December 2014 high. The bullish pattern started in mid-February 2017 is maintained. Hourly support is given at 65.56 (17/04/2018 low). The technical structure suggests short-term downward moves. •

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 resistance 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.