Daily Oil, Gold, Silver Technical Analysis March 20, 2017

Gold in favor for more upside

There are two charts to discuss this week. On the weekly chart, gold formed a bullish harami pattern from the $1,200 – $1,220 support area. This pattern and location both favor for more upside in gold price. On the daily chart, $1,250 is a flip level which will once again become an obstacle for gold on its path upside.

There is a possibility the price will take a downward path toward $1,220 before continuing up, but a move above $1,237 is the trigger needed for the bull. Traders could look for a long position on both two levels.

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 lurking below $17.50

The price of silver is bullish but has not cleared the $17.50 resistance yet. This week, $17.50 is the resistance while $16.80 is the support which the market will try to hold. The break on either side is possible, and traders could take advantage by placing orders outside of the range.

Today critical level to watch:

Support: $17.20, $17.00, $16.80, $16.00

Resistance: $17.50, $18.00, $18.50

Crude oil

Crude oil on the weekly chart show the interesting fact, and the price bounced near its trendline. Although bounce happens, the price formation looks week with a bearish momentum candle hanging from $53.20 to $48.38. This candle closed as a full candle which is extremely bearish, and it is possible for the price to continue lower this week.

On the daily chart, the weakness also apparent. Seller is lurking near $50 resistance and ready to push the price lower. Candle formation looks weak with bearish pin bar formed.

Today critical level to watch:

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

Resistance: $49.60, $50.00

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