Technical Checks For Gold, Silver & WTI Crude Oil: 01.09.2017
Even as break of $1295 96 horizontal line propelled the Gold prices to nine month high, resistance line of an upward slanting trend channel, at $1326 now, has been restricting the yellow metal's upside since recently. With the expected strength of US employment report, coupled with presence of channel resistance, chances of the Bullion's pullback to $1304 and then to $1295 are high; however, its following downside can't be confirmed until the break of the $1286 channel support figure. In case of the metal's daily close below $1286, the $1274 may offer an intermediate halt prior to reigniting the importance of 50 day & 100 day SMA confluence region of $1259 60. On the contrary, a clear break of $1326 could further escalate the medium term up moves towards $1337, $1344 and then the $1353 consecutive resistances. Should Bulls continue favoring the safe haven after $1353, the $1358, the $1367 and the $1375 could come back on the chart.SILVER
Contrast to Gold, the Silver still has some more room on the upside as the $17.74 75 horizontal line & $18.00 channel resistance are still untouched. Given the quote surpasses $18.00 on a day's close, the $18.35, $18.50 and the April high, around $18.65, could please buyers. Meanwhile, $17.45 & $17.25 may act as immediate supports for prices, breaking which the $17.00 channel support mark and the 100 day SMA level of $16.80 gain importance. If at all the metal closes below $16.80, the $16.50, the $16.30 and the $16.00 are likely rest points that can be availed.WTI CRUDE OIL
With the short term descending trend line again limiting the Crude's up side, the energy quote may re test $46.30 and the $45.70; though, lower line of an immediate trend channel, at $45.25, can help trigger its bounce, failing to which could further drag the prices to $44.80 75 support zone. In case of the Crude's extended fall below $44.75, the $43.70 and the $43.50 might please Bears. Alternatively, aforementioned TL number of $47.30 seem nearby crucial resistance, breaking which $47.80 and the $48.45, comprising channel's upper line, can be targeted by buyers. Should energy optimists fuel prices beyond $48.45, the $49.10 & $50.00 round figure are expected levels to watch.