Daily Oil, Gold, Silver Technical Analysis August 13, 2019

Gold major volatility above $1,500

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The precious metal continues its climb above $1,500 and almost reach $1,550. But the price retraces sharply and currently traded below its opening level and $1,500 handle. Gold next direction will depend on where the price close at the end of the day. A close below $1,480 might trigger a further bearish correction.

Today critical levels to watch:

Support: $1,480, $1,450

Resistance: $1,500

Silver searching for direction

Similar to the gold movement, silver experience major volatility movement today. The price climb as high as $17.47 before turning lower. At the current time, silver is testing $16.80 support level. Where will the price move next? Will it bounce from $16.80? Alternatively, will it breakout lower and retest $16.50?

Today Critical levels to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00

Crude oil closed above $54.50

Crude oil closed above $54.50 in the previous trading day and currently attempting to add more gain above the level. The price manages to move above the previous day high but it retraces back near its opening level. If crude oil could print higher close above the previous day high then we might see further upside to test $55.80.

Today critical level to watch:

Support: $54.50, $52.40

Resistance: $55.00, $55.80

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