Daily Oil, Gold, Silver Technical Analysis | August 04, 2022

Gold testing $1,780 – $1,800 area

Gold prices got rejected from the $1,780 – $1,800 area but there is no bearish continuation. At the current time, the price is building bullish pressure to retest the $1,780 – $1,800 area. The price next direction will depend on the market reactions after the release of U.S job data at the end of the week. A close above $1,800 will confirm a bullish continuation toward the daily SMA 200. Meanwhile, bearish rejection and a close below $1,780 might trigger a bearish continuation.

Today’s critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver maintain close near $20.00

Silver prices continue to stick near the $20.00 handle while waiting for reactions. The price might move after the release of U.S job data tomorrow. If the price continues the upward movement then it will target the $21.35 resistance level. Meanwhile, a close below $20.00 at the end of the week will trigger a bearish continuation to retest $18.50.

Today’s Critical levels to watch:

Support: $20.00, $18.50, $16.00

Resistance: $21.35, $23.00, $23.90

Crude oil under bearish pressure

Crude oil prices could not bounce and continue printing bearish closes on the daily chart. The price has fallen below $90.00 and might continue downward to target $85.00. The current bearish movement is mostly influenced by market sentiment toward recession. If a recession happens then oil demand should be lower.

Tomorrow, there are U.S job data which will give more hints on the recession situation. Strong job data might become a boost to crude oil prices.

Today’s critical level to watch:

Support: $90.00, $85.00

Resistance: $95.25, $100.00, $106.00

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