Daily Oil, Gold, Silver Technical Analysis August 9, 2018

Gold traded cautiously

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Gold has been in a defensive stance when the precious metal traded inside $1,200 – $1,220 area. We have upward movement today, but it did not last long, and gold currently moves down below its opening level. It looks like the price will settle near $1,210 by the end of the day and prolong the consolidation.

There is nothing to do yet in the meantime, gold is testing the support and hanging above 18-month low. A breakout below $1,194.79 is the sign for sell-off.

Today critical level to watch:

Support: $1,210, $1,200

Resistance: $1,220, $1,240, $1,250

Silver no man land

Silver continue traded in 40 cents range and no sign it will trigger sharp movement yet. However, traders might want to be careful as explosive movement mostly happens at the end of the sideways period. Which direction will silver move next?

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil limited below $67.20

Crude oil printed a lower low and lower close in the previous trading day. The price closes below $67.20 and could not recover above it today. It seems the journey toward red trendline and $65.78 will happen soon. Traders suggested to prepare near both levels and jump in long position when there is a strong bullish reversal pattern.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $67.20, $70.00, $72.50

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