Daily Oil, Gold, Silver Technical Analysis August 3, 2020

Gold higher high

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The upward movement of gold prices continues in today’s trading session. A higher-high printed on the chart and gold attempted to move toward $2,000. However, the bullish pressure reversed and the price currently traded below the opening level.

If bearish pressure continues mounting then the precious metal might test $1,950 – $1,960 area.

Today critical levels to watch:

Support: $1,960, $1,950, $1,919.90

Resistance: $2,000

Silver retest $25.00

Silver prices start moving higher again in today’s trading session. However, the price gets rejected near the $25.00 resistance level. At the current time, silver price trade below the opening level. No conclusion yet on the precious metal next direction. Traders will continue to expect the price to move higher and test the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $21.35, $20.00, $18.50

Resistance: $25.00, $26.00

Crude oil testing $38.50 – $40.00

Crude oil pushed lower but maintained the positions above $38.50 – $40.00. There is no breakout yet below the area. Traders will continue to monitor the price reaction near the $38.50 – $40.00 area for now. If the price could close below $38.50 then traders will expect the continuation of the bearish trend.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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