Daily Oil, Gold, Silver Technical Analysis | August 08, 2022

Gold retesting $1,780 – $1,800

Gold prices show bearish rejection from the $1,780 – $1,800 but not enough to confirm a bearish continuation. The price might continue retesting the $1,780 – $1,800 area this week. If the price closes above $1,800 then gold prices could continue the bullish trend. On the other hand, a significant bearish rejection could bring the price down to test the $1,680 – $1,700 area.

Today’s critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver closed below $20.00

Silver prices could not maintain the close above $20.00. At the end of the week, the price closed below $20.00 which might confirm a bearish continuation toward $18.50. Traders will continue to monitor the price movement near $20.00 this week. If the price could close above $20.00 then we will expect a bullish continuation toward $21.35.

Today’s Critical levels to watch:

Support: $20.00, $18.50, $16.00

Resistance: $21.35, $23.00, $23.90

Crude oil is on the path toward $85.00

Crude oil price trend has turned bearish as it print a new lower low and closed below $90.00. The price might continue the bearish movement to target the $85.00 support level next. If the price starts a bullish movement, traders will wait near $90.00 and $95.25 for a chance to enter short positions.

Today’s critical level to watch:

Support: $85.00

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

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