Daily Oil, Gold, Silver Technical Analysis August 11, 2020

Gold bearish correction below $2,000

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Gold makes bearish movement below $2,000 support level and currently on the path toward $1,950. It seems this bearish correction could target $1,900 before the precious metal turns positive again. At the current time, traders will wait for the chance to enter long positions when the bearish momentum recede, and gold form a major bullish pattern near the support levels.

Today critical levels to watch:

Support: $1,950, $1,900

Resistance: $2,000, $2,050

Silver testing previous day low

The bullish movement of silver halted at the current level and the price starts moving lower. Today, silver is currently testing the previous day low. If the price could close below the previous day low then we might see bearish correction toward $25.00 – $26.00.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00

Crude oil print higher high

Crude oil made bullish close yesterday and the price manages to move above the previous day high currently. If the price could maintain its bullish pressure then crude oil expected to target the previous week high. Further bullish movement might help the price to target $49.00 – $50.00

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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