Daily Oil, Gold, Silver Technical Analysis April 2, 2020

Gold moving in a zig-zag pattern

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Gold prices zig-zagging near $1,585 – $1,600 and expected to continue its consolidation movement. No clue in the next direction yet and traders will continue to monitor the movement near $1,585 – $1,600. Traders who want to take a position might want to follow the long-term direction which is to the upside.

Today critical levels to watch:

Support: $1,585, $1,550

Resistance: $1,600, $1,680, $1,700

Silver bullish indication near $14.00

Silver prices maintain the position near $14.00 – $14.40 area. There is no major indication yet for the long-term direction. However, today the price makes a bullish attempt and has moved inside the $14.00 – $14.40 range. We think consolidation near the range will continue for now.

Today Critical levels to watch:

Support: $14.00, $13.00

Resistance: $14.40, $15.00

Crude oil bounced from $20.00

$20.00 handle continues to be protected by the bull as the bear could not make a close below it. The price of crude oil bounce from $20.00 handle yesterday and there is bullish follow-through today. If the bull could make a strong bullish momentum movement then crude oil might target $30.00.

Today critical level to watch:

Support: $20.00

Resistance: $25.00, $28.74, $30.00

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