Daily Oil, Gold, Silver Technical Analysis August 14, 2018

Gold New Low

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Gold took a lower path in the previous day, broke the support $1,200 and risk more selling. Traders currently will look for bearish continuation and retest of $1,200 to enter a short position. However, the bull still has a chance to reverse the situation by moving back the price above $1,200 and Monday high.

Sharp movement above Monday high will trigger a medium-term reversal.

Today critical level to watch:

Support: –

Resistance: $1,200, $1,210, $1,220

Silver bearish checkpoint

Silver broke below the yellow box and close below $15.00 target. The breakout indicates a strong bearish outlook and might continue downward. Fortunately for the bull, today the price attempting to move up and maintain the position above $15.00. It is still possible for the bull to reverse the situation and bring silver up to the bottom of the breakout for a retest.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil supported by red trendline

Crude oil losing altitude in the previous day but manage to close the price above $67.20 and once again bounced from the red trendline. The bull still has upper hand and currently attempting to move above previous day high. We think crude oil could reach $70.00 if the price could close above previous day high.

Today critical level to watch:

Support: $67.20, $65.78, $65.00

Resistance: $70.00, $72.50

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