Daily Oil, Gold, Silver Technical Analysis August 16, 2019

Gold retrace toward $1,500 before the end of week

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The bullish movement of gold do not continue yet after the bounce from $1,500 support level. The precious metal currently retracing downward and might close near $1,500 by the end of week. At the current time, traders could wait for bullish reaction near $1,500. Long positions near $1,480 – $1,500 might be one of the best choice traders could take.

Today critical levels to watch:

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

Resistance: $1,550

Silver might settle near $17.00

No bullish continuation yet in silver prices. Today the price moves lower and look will test $17.00 support level. As long as the price stays above $17.00 by the end of the week then Silver has the potential to bounce and move upward next week.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil bounced from $54.50 and the bottom of the channel

No breakout below $54.50 and the bottom of the channel. Crude oil manages to maintain the close above both support levels. Today we have a bounce from the support level and crude oil will test $55.80 resistance soon. If the bull could maintain the bullish pressure then crude oil might continue upward next week toward $57.60 and the top of the channel.

Today critical level to watch:

Support: $55.00, $54.50

Resistance: $55.80, $57.60

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