Gold ready to bounce back. Oil consolidating (technical analysis)

Gold, ready to bounce back

• Gold is still located in an uptrend channel.
Strong hourly resistance is given at 1284 (11/03/2016 high) while closer hourly supports is located at 1225 (15/03/2016 low). The metal is clearly volatile but we consider there are some room for reaching 1300.
• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

Oil, Wti consolidating

• Crude oil's short-term bullish momentum is definitely not ending. 
Daily resistance is given at 42.00 (04/12/2016 high). Hourly support can be found at 35.96 (15/03/2016 low). The technical structure suggests that buying pressures are important and strong daily resistance at 43.46 (24/11/2016 high) is clearly on target. 
• In the long-term, crude oil is on a sharp decline and is of course no showing any signs of recovery. Strong support at 24.82 (13/11/2002) is now on target. Crude oil is holding way below its 200-Day Moving Average (setting up at around 47). There are currently no signs that a reverse trend may happen.

Eur/Gbp: monitoring resistance at 0,7928

• EUR/GBP's is still in rangy mode. Yet, the pair keeps on trading around its year-high. 
Hourly support lies at 0,7652 (10/03/2016 low). Next support can be found at 0,7525 (22/01/2016 low) while strong resistance is given at 0,7928 (25/03/2016 high) still stands. 
The technical structure suggests that the pair should show continued increase.
• In the long-term, the technical structure suggests a growing upside momentum. The pair is trading well above its 200 DMA. Strong resistance can be found at 0,8066 (10/09/2014 high).

Part of Daily Technical Report (23 March 2016), by Yann Quelenn Market Strategist Swissquote