Daily Oil, Gold, Silver Technical Analysis March 17, 2017

Gold long-term bottom?

 

The reversal in gold price followed by further appreciation in the price. The precious metal might found a long-term bottom at $1,200 and might not see it for months or years if the price manages to close above $1,263. Under the current situation, long traders could look to add more long position near $1,220 support or when the price break above previous day high $1,233.

Today critical level to watch:

Support: $1,220, $1,200, $1,184, $1,180

Resistance: $1,233, $1,237, $1,244, $1,250, $1,263

Silver rejected at $17.50

The bounce from $16.80 – $17.00 area continue on the second day, but experience rejection at $17.50. The price might try the second time today, if it breaches $17.50 resistance, traders could see silver test the trendline.

Today critical level to watch:

Support: $17.20, $17.00, $16.75, $16.00

Resistance: $17.50, $18.00, $18.50

Crude oil higher but struggling

The bullish outlook of crude oil diminished when it fall below ascending triangle pattern. Fortunately, $47.00 – $48.50 manage to hold the sell-off, but the risk persist. Recent price formation suggests possible sudden sell-off in crude oil and close below $47.00. As long as crude oil manage to close above $48.50, there is hope for the price to move higher than $50.00

Today critical level to watch:

Support: $48.50, $48.00, $47.00, $46.70

Resistance: $49.60, $50.00

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