Daily Oil, Gold, Silver Technical Analysis January 5, 2017

Gold moving toward $1,200 – $1,220

The price of gold is moving higher after it bounced from the red trendline. It looks like it will continue toward the $1,200 – $1,220 resistance area. The bear might need to wait until the price reaches the level before placing any short position, while the bull to be careful when the price is moving near the level.

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 inching up

Although the trend of silver turns bearish, the price tried to stage another rally. This rally might hold up to $17, and the level will determine where Silver move next. Bear trader will wait for bearish pattern formation if the silver manage to reach $17.

Today critical level to watch:

Support: $16.50, $16.40, $16.15, $16.00, $15.80, $15.50

Resistance: $16.75, $17.00

Crude Oil bear deflected

Once again, support held in the crude oil. The bull manage to turn the sharp selling happened on Tuesday and drive the price up. $52.40 still a major level to watch if the bear decides to push the price lower. On the upside, the area between $54.5 – $55 will play a major part to hold the upward movement in crude oil price.

Today we have crude oil inventory news, and analyst expects 1.8 million barrels deficit compared to previous week. The Higher deficit will propel the price up further.

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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