Daily Oil, Gold, Silver Technical Analysis August 10, 2020

Gold ready for a correction toward $2,000?

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The bullish trend of gold extended above $2,000 handle and reach as high as $2,074.69 before turned lower yesterday. Gold might start a bearish correction toward the $2,000 handle and test it. When the test on the support level happens, traders could enter long positions on bullish reactions.

Meanwhile, traders will avoid taking short positions as the trend continue bullish.

Today critical levels to watch:

Support: $2,000, $1,960

Resistance: $2,050

Silver tested the level near $30.00

Silver upward movement has surpassed the $25.00 – $26.00 area and managed to reach the level near $30.00. Yesterday, the price showed a bearish reaction and closed the day on the negative side. No bearish continuation yet today. Silver might continue putting bullish pressure and test the $30.00 resistance to breakout higher.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00

Crude oil building bullish pressure

A higher-high printed in the previous trading week. Crude oil climbed further higher and set to continue its bullish trend. At the current time, the price seems to continue its consolidation for now. As long as the price stay above $38.50 traders could continue to hold long positions and avoid taking short positions.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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