Daily Oil, Gold, Silver Technical Analysis December 11, 2018

Gold hovering near $1,240

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The touchdown on $1,250 resistance level confirmed more upside in the precious metal. It is currently traded near $1,240 and looking for a trigger to move upside. Brexit issue and the market pessimism on U.S-China trade war are the major factors of gold upside.

Gold price movement will depend on the development of Brexit and trade war. It is better to keep watching how both even develop. Technically, there is little room upside toward the daily SMA 200 before major correction happen.

Today critical level to watch:

Support: $1,240, $1,234, $1,220

Resistance: $1,250

Silver rejected from the trendline

Silver continues moving upside above $14.40 and tested the trendline today. There is a bearish reaction from the trendline and the precious metal relinquish most of its gain. We think silver will trade between $14.40 and the trendline until breakout happen.

Today critical level to watch:

Support:  $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil trade between $50.00 – $52.40

No break outside of $50.00 – $52.40 range and crude oil traded inside of it at the beginning of the week. Although the odds pointed to the upside as OPEC cut global oil production, the overall trend is still bearish. As long as crude oil maintain a level below $54.50 there is no change in the bearish trend.

Today critical level to watch:

Support: $50.00

Resistance: $52.40, $54.50

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