Daily Oil, Gold, Silver Technical Analysis | August 05, 2022

Gold rejection from $1,780 – $1,800 area?

Gold prices fall with strong bearish momentum in today’s trading session. It seems a reaction from the $1,780 – $1,800 has happened and the price might continue the bearish movement. However, if the price could close the week near the $1,780 – $1,800 area then we might see a bullish continuation in the coming week.

Traders better wait for the week’s closing level to confirm what will happen next.

Today’s critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver falls below $20.00

Silver prices maintain the positions above the $20.00 handle this week but fall with strong bearish momentum today. If the price continues the downward movement then traders will expect another test on the $18.50 support level. On the other hand, a close near $20.00 at the end of the week will confirm a bullish continuation.

Today’s Critical levels to watch:

Support: $20.00, $18.50, $16.00

Resistance: $21.35, $23.00, $23.90

Crude oil continues further lower

The trend is bearish and the price continues moving lower. Crude oil prices might reach the $85.00 support level next if there is no change to the situation. At the current time, traders will wait for a bullish correction to enter short positions near the broken support levels.

Today’s critical level to watch:

Support: $85.00

Resistance: $90.00, $95.25, $100.00, $106.00

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