Daily Oil, Gold, Silver Technical Analysis January 9, 2017

Gold threading higher

U.S dollar index weakness continues and the gold is getting near toward $1,200 – $1,220 resistance area. Gold H4 chart formed a bullish channel which indicates the continuation of bullish movement as long as the price stay inside the range.

This week, we expect gold will move between $1,167 – $1,200. If the price reached the retracement level $1,200 – $1,220 then a bearish pattern is favored to form at the area and reverse the current short-term bullish trend.

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 possible reversal

Silver price stage a bullish movement in the previous week and close the week in positive. The bull protected $16 level and looked to bring the price up toward $17.00. This week, the price might reach $17 resistance and traders will observe how the market react at the resistance level.

Further in technical, the daily chart also shows bearish candlestick which failed to close below its previous bullish candlestick low. It is a bullish sign even though weak.

Today critical level to watch:

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

Resistance: $16.50, $16.75, $17.00

Crude Oil under bearish threat

No much change in crude oil price last week. The price made an attempt to breach 54.50, but the resistance proved to be a tough nut to break. The bull appeared at $52.40 when the price tested it and brought the price up to close the week at $53.68. The price formation is bearish even though it managed to recover the losses after $54.50 sell-off.

This week, the bull need to bring the price up and close above $54.50. Otherwise, the bear will use the chance to close crude oil price lower than $52.40.

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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