Daily Oil, Gold, Silver Technical Analysis August 14, 2019

Gold avoided a close below $1,500

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Huge volatility seen in gold prices yesterday after President Trump delayed or erase import tariff against China products. The precious metal reaches a level near $1,550 and $1,480 yesterday and settles at $1,500 by the end of the day. It is a neutral close but suggests the price has more potential upside in the coming days. However, traders will observe further market reactions for now.

A close below $1,500 followed by a close below $1,480 will trigger bearish correction toward $1,430 – $1,450.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver settle between $1,480 – $1,500

Silver traded inside a wide range between $16.50 – $17.50. The precious metal moved wildly before settled between $16.80 – $17.00. No change in the outlook yet, the price might range between $16.80 – $17.00 until it finds the catalyst to move in the next direction.

Today Critical levels to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00

Crude oil launched upside from $54.50

Crude oil closed above $54.50 on Monday trading session and inside the bearish channel. It immediately continues the upward movement in Tuesday trading session and reached a level near $57.60. The price expected to continue its upward movement and touch $57.60 and the top of the channel. Meanwhile, traders will wait for the price to hit $57.60 and determine the next direction through the market reactions.

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60

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