Daily Oil, Gold, Silver Technical Analysis | April 03, 2024

Gold continue upward

The upward momentum of gold prices continues and has not stopped at this time. The rise will only continue and traders will continue to avoid short positions. If a bearish correction occurs in gold prices then traders can use this opportunity to add to long positions. If there is a change in the situation where the Fed does not reduce interest rates and continues to raise interest rates, then this bullish situation will change.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance:

Silver breakout above $26.00

As written previously, when the price can move up above the $25.00 – $26.00 area then the bullish trend will continue. Currently, the silver price has broken through $26.00 with very strong bullish momentum. The trend is very bullish and traders will wait for a bearish correction in silver prices to the support point for the opportunity to add to long positions.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $30.00

Crude oil target $90.00

In the long term, crude oil prices have been on an upward trajectory towards $90.00. Like the previous analysis, traders should maintain long positions and avoid short positions at this time. If weakness occurs then the $80.00 point is the key point for a bullish bounce to occur. A close below $80.00 will cancel all of the current bullish outlook.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $85.00, $90.00

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