Daily Oil, Gold, Silver Technical Analysis April 7, 2020

Gold bullish potential

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The price of the gold stage rally and reached the level near $1,680 today. The precious metal expected to maintain its positions near the $1,680 – $1,700 area. Today, there is a minor bearish reaction. As long as the bull could minimize the bearish and close the price near the current level then expect further upside toward $1,700.

Today critical levels to watch:

Support: $1,600, $1,585, $1,550

Resistance: $1,680, $1,700

Silver testing the $15.00 – $15.20 area

Silver bull pushes the price further upward yesterday and today. The price currently testing $15.00 – $15.20 resistance area. There are bearish reactions and the price stick near the $15.20 level. We think silver might close inside $15.00 – $15.20 and consolidate for a while before the next movement.

Today Critical levels to watch:

Support: $15.00, $14.40, $14.00

Resistance: $15.20

Crude oil waiting for OPEC

The upward movement of crude oil stalled after OPEC announce delay of meeting to discuss production limit. Both OPEC and allies expected to reach a deal on the production limit and help crude oil prices move further higher. At the current time, crude oil is trading between $20.00 – $28.74. Traders might want to wait for a further reaction before adding more long positions.

Today critical level to watch:

Support: $25.00, $20.00

Resistance: $28.74, $30.00

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