Daily Oil, Gold, Silver Technical Analysis January 4, 2017

Gold challenging resistance

The price of gold has been in the upward movement since the opening of the year 2017. The price currently near its previous consolidation area, this area turn into resistance and failure to breach the area will put the price down. The final target for retracement in gold price is $1,200 – $1,220.

If the price continues its weakness, we have the final target around $980 before the gold price make a turn in the long term trend. There is FOMC meeting minutes today, and it might give another punch to the bull which will drive the price lower.

Today critical level to watch:

Support: $1,150, $1,144, $1,133, $1,127, $1,122, $1,100

Resistance: $1,160, $1,166

Silver hold the selling pressure

Similar to gold, silver price battered by selling pressure. The price found support near the $16 major support level, and it currently creeps higher toward $17.00. There is no guarantee the price will continue to move higher, but as long as the cluster of high between $17.10 – $17.20 broken upside, the silver has a chance for more appreciation.

Today critical level to watch:

Support: $16.15, $16.00, $15.80, $15.50

Resistance: $16.40, $16.50, $16.75

Crude Oil hard bump

Sudden reversal happened in crude oil price. Despite the crude oil strength after OPEC agreement to cut output, the black gold suffers setback in early 2017. The reversal broke below its blue uptrend line and put the price near $52.40 support level.

The bull still can feel secure as it is the first identified support. As long as the price maintain its advantage above $50, we still see $60 as a possible target for the long term.

Today critical level to watch:

Support: $52.40, $51.93, $50.50, $50.00, $49.60

Resistance: $54.50, $55.00

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