Daily Oil, Gold, Silver Technical Analysis August 13, 2020

Gold closed above $1,900

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The bearish pressure on gold prices initially could push the price down below $1,900. However, the bull entered the market and brought gold prices higher to close above $1,900.

At the current time, gold prices might consolidate between $1,900 – $1,950.

Today critical levels to watch:

Support: $1,900

Resistance: $1,950,$2,000, $2,050

Silver consolidate between $25.00 – $26.00

Silver bearish pressure contained by the bull yesterday as the price returned inside $25.00 – $26.00 and closed higher yesterday. Currently, the price is testing the $26.00 resistance. We will expect the price to consolidate between $25.00 – $26.00 for now.

Today Critical levels to watch:

Support: $25.00, $21.35

Resistance: $26.00, $30.00

Crude oil no bullish continuation yet

Crude oil slowly building bullish pressure though there is no higher high printed on the chart yet. Today, the price might continue higher and attempt to print higher high.

On the long-term view, crude oil has $49.00 – $50.00 as upside target.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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