Daily Oil, Gold, Silver Technical Analysis | April 06, 2021

Gold hovering near the previous day’s high

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Gold prices formed a double bottom pattern and might indicate the change of trend from bearish to bullish. However, the price needs to climb further upward and print a higher high before the pattern is confirmed. At the current time, the price is trading near the previous day’s high and might continue trading sideways. Traders who have long positions will continue to hold the positions with a stop below $1,680.

Today critical levels to watch:

Support: $1,700, $1,680, $1,550, $1,500

Resistance: $1,780, $1,800

Silver holding near $25.00

Silver prices are testing the $25.00 resistance level and no strong reaction yet from the level. The price continues to stick near the level and traders will continue waiting for a reaction. If the price gets rejected with a strong bearish reaction then the long-term bearish trend is expected to continue. On the other hand, a close above $25.00 could cancel the current bearish trend.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00, $27.00, $30.00, $31.50

Crude oil stick near $60.00

There was a bearish pressure which pushed the price to close below $60.00. The bearish movement has strong momentum but no follow-through in today’s trading session. Crude oil prices continue to stick near $60.00 and seems will wait for further reaction. Will the price continue its upward movement and target $65.00 then $70.00?

Today critical level to watch:

Support: $60.00, $57.60, $55.80, $54.50

Resistance: $65.00, $67.20, $70.00

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