Daily Oil, Gold, Silver Technical Analysis | August 05, 2021

Gold failed breakout above SMA 200

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The bullish movement in gold prices broke above the daily SMA 200 yesterday. However, the price could not maintain the bullish pressure and ended the day near its opening level. It seems the consolidation between $1,800 and daily SMA 200 will continue for now. Traders will continue waiting for the breakout and close outside of the range to confirm the next direction.

Today critical levels to watch:

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

Resistance: $1,850, $1,900

Silver rejection from $26.00

Silver prices stage a bullish movement yesterday and managed to reach the $26.00 resistance level. However, the price gets rejected and closed the day near its opening level. No breakout from the $25.00 – $26.00 range yet which means the consolidation will continue.

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 losing ground below $70.00

Crude oil prices could not maintain a position above $70.00 and there is no bullish reaction. The price closes below $70.00 yesterday and might test the $67.20 support level. If the bearish pressure continues to mount then we might see a retest on the $65.00 support level.

Today critical level to watch:

Support: $67.20, $65.00, $60.00

Resistance: $70.00, $77.13

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