Daily Oil, Gold, Silver Technical Analysis April 17, 2018

Gold to test $1,337 again?

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Gold escaped the sell-off below $1,337 and bounced higher. However, the upward momentum weakens and the precious metal seems ready to drift lower. If gold move lower, traders could watch $1,337 and the bottom of red trendline to look for a long position.

We expect gold will continue moving inside the red channel projection.

Today critical level to watch:

Support: $1,337, $1,325, $1,320

Resistance: $1,340, $1,350, $1,360

Silver more consolidation

Silver price movement continues to subdue and stick near the top of the triangle. There is no momentum movement away from the triangle and suggest the precious metal should continue moving inside small range. Traders might want to stay away for now.

Today critical level to watch:

Support: $16.50, $16.30, $16.00

Resistance: $16.80

Crude oil $65.78 test underway

The bull has pushed crude oil prices above January and March high which suggest the bullish trend will continue. There is selling done by the bear, and it seems the price will test $65.78 broken resistance level soon. Traders could look for long position when retest happen and the bullish pattern formed. On the other hand, a strong bearish close below $65.78 might become the sign for selling crude oil.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: –

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