Daily Oil, Gold, Silver Technical Analysis August 14, 2020

Gold bounce from $1,900

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Gold building bullish pressure after it maintained the position above $1,900. The precious metal managed to bounce and close near $1,950. At the current time, the price might maintain bullish pressure near the resistance level.

Traders will avoid taking short positions for now. If the price could reach $1,780 – $1,800 area then traders could consider entering long positions.

Today critical levels to watch:

Support: $1,900

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

Silver bounce from $25.00 – $26.00

Silver maintained the positions above $25.00 and managed to bounce from the $25.00 – $26.00 area yesterday. The price is consolidating near the previous day high now.

If the price fall toward $25.00 – $26.00 again then traders could consider entering long positions.

Today Critical levels to watch:

Support: $25.00, $21.35

Resistance: $26.00, $30.00

Crude oil more consolidation

No bullish continuation yet yesterday, crude oil prices closed near its opening level. Although the bullish trend expected to continue, traders might want to anticipate a slow-moving bullish trend.

Similar to the previous analysis, as long as $38.50 maintained then crude oil could continue its bullish trend.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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