Daily Oil, Gold, Silver Technical Analysis January 10, 2017

Gold no momentum but creep higher

Bullish movement in the gold price continue, but the upward movement is not significant and possible to close the day as a sideway candle. The outlook for medium-term is bullish with $1,200 – $1,220 as the target, as long as price moving inside the bullish blue channel, then it might reach the resistance area.

Today critical level to watch:

Support: $1,166, $1,160, $1,150, $1,144, $1,133, $1,127

Resistance: $1,180, $1,200, $1,220

Silver no indication of trend

Although the price is hanging at the high, silver has not shown any intention to break the resistance. Under the current situation, traders will continue to observe how price move in several days. A close above multiple tops will trigger rally toward $17 and possibly higher.

Meanwhile, a close lower than $16.00 is expected in the long term as long as the price stay below $17 – $17.20 area.

Today critical level to watch:

Support: $16.50, $16.40, $16.15, $16.00, $15.80

Resistance: $16.75, $17.00

Crude Oil confirmed close below $52.40

A previous daily close below $52.40 is significant for crude oil, this event opens up the bearish scenario and might drive the price toward $50 major support level. The bull needs to close the price back above $52.40 if it wants to maintain the bullish trend in crude oil.

Today critical level to watch:

Support: $51.93, $50.50, $50.00, $49.60

Resistance: $52.40, $54.50, $55.00

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