Daily Oil, Gold, Silver Technical Analysis | August 04, 2021

Gold continues sideway

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There is no breakout from the $1,800 and daily SMA 200 range yet. Gold prices continue trading sideways between the two levels for now. We still maintain the bullish scenario toward $2,000 and expect a close above daily SMA 200 will happen soon.

However, if the price decides to move lower and print a lower low below $1,780 then we might switch to a bearish scenario.

Today critical levels to watch:

Support: $1,800, $1,780, $1,700, $1,680

Resistance: $1,850, $1,900

Silver bullish pressure

Silver prices made another neutral close yesterday and extend the sideway situation for the third day. Today, there is bullish pressure building above the three days high. If the price could maintain its bullish pressure then traders will expect a test on $26.00 soon.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $29.00, $30.00, $31.50

Crude oil maintain the $70.00 handle

The bearish pressure on crude oil brought the price down to test the $70.00 handle. The price managed to close above the level at the end of the day. If the price could print a bullish close, especially above the previous day’s high then crude oil prices are expected to continue its bullish movement toward $77.13.

Today critical level to watch:

Support: $70.00, $67.20, $65.00, $60.00

Resistance: $77.13

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