Daily Oil, Gold, Silver Technical Analysis April 23, 2019

Gold stick near the trendline

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No bounce happened from the trendline on its daily chart. However, gold manages to maintain the position above the trendline. Traders will continue waiting for the market reaction from the trendline. Will gold continue further lower below the trendline? Alternatively, will a bounce and rally above $1,280 happen?

Today critical levels to watch:

Support: $1,265, $1,260

Resistance: $1,280, $1,300, $1,320, $1,325

Silver continue inside the triangle pattern

Silver moving sideways inside the triangle pattern on its daily chart. No reason to take any positions yet at the current time. Traders will wait until breakout happen to take positions. We still favor downward breakout on silver and suggest traders take short positions rather than long positions.

Today Critical levels to watch:

Support: $14.80, $14.40

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

Crude oil breakout above $65.00

Trump administration announced the end of waiver to import Iranian oil on Monday. The government also threatened to give sanction on countries who continue to import Iranian oil. Crude oil launched above $65.00 as the result of the announcement. We should see the price continue moving upward for a while. Traders could look for long positions when retest of $65.00 happen.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00

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