Daily Oil, Gold, Silver Technical Analysis April 16, 2019

Gold set to test $1,280

Free $100 Forex No-Deposit Bonus

In the previous trading session, gold continues moving further lower and almost reached the $1,280 support level. The downward movement is not out of expectation and the precious metal trend is bearish inside the channel. Without any change in the outlook, then gold will test $1,280 and might break lower below the level to reach the bottom of the channel or trendline.

Long positions near $1,280 might become a good option too if gold could bounce from the support level.

Today critical levels to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver lower low below $15.00

It is not good news for the bull as silver printed lower low in the Monday trading session, confirming the bear still has the power to push the price lower. Fortunately for the bull, the price recovers its losses and close the day as a bullish candlestick. Today, there is a test on $15.00 broken support.

The bull needs a close above $15.00 to cancel current bearish breakout. On the other hand, the bear needs to maintain the level below $15.00 and print lower low to extend downtrend.

Today Critical levels to watch:

Support: $14.40

Resistance: $15.00, $15.20, $15.60, $16.00

Crude oil no movement yet

Crude oil traded near the trendline without momentum and might continue to stick near the level. If the price makes the bearish correction then traders could watch $60.00 as a level to take long positions.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00

Copyright © 2019. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.