Daily Oil, Gold, Silver Technical Analysis August 23, 2019

Gold waiting for momentum movement from $1,500

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Gold made another close near $1,500 handle and provide traders no clue on the next direction yet. The precious metal will continue its consolidation near the support level at least until Jerome Powell speech today. Traders could prepare for long positions when there is a bullish reaction after the speech.

At the current time, there is news from China where new tariff toward the U.S announced. China announced tariff retaliation on additional $75b U.S. The tariff will take effect on September 1, and December 15. The news means the continuation of the U.S-China trade war and should provide a boost to gold prices.

Today critical levels to watch:

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

Resistance: $1,550

Silver supported at $17.00

No breakout and no major bounce from $17.00 handle yet in Silver prices. Today, the price might settle near $17.00 or bounce from it. Traders could prepare for long positions when there is a bullish reaction.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil under pressure below $54.50

After the announcement of tariff toward U.S imported goods by China, crude oil price dive below $54.50. Currently, the price traded at the bottom of the channel and trying to maintain the level above it. No breakout yet below the channel but it seems the overall direction of crude oil will continue pointed down.

Today critical level to watch:

Support: $54.50

Resistance: $55.00, $55.80, $57.60

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