Daily Oil, Gold, Silver Technical Analysis January 12, 2017

Gold reached decision area

 

Gold finally reached the target decision area. Several days forward, it is critical for the precious metal, will it continue moving upward and closed above $1,220? Alternatively, will it bounce down and start a new downtrend?

The bullish blue channel will hold any bearish pressure on the gold and continuation inside the bullish channel is the first chosen scenario.

Today critical level to watch:

Support: $1,200, $1,180, $1,166, $1,160, $1,150

Resistance: $1,220

Silver grind higher

Soft upward movement in Silver price, the price looks to challenge $17 soon. A close higher than previous consecutive high at $17.20 might reverse the long-term trend. Although it is not a preferable scenario for the bear, it is possible to for the professional trader to let the bull short squeeze all weak hand and later bring silver down.

Today critical level to watch:

Support: $16.75, $16.50, $16.40, $16.15, $16.00

Resistance: $17.00, $17.20

Crude Oil attempt recovery above $52.40

The price of crude oil flipped through $52.40 but after previous day President Trump press conference, the price of black gold able to close back above it. There is no clear indication yet if the price will continue higher even though the trend looks bullish.

Traders might need to wait for several candlestick closes either above the $52.40 or below it.

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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