Daily Oil, Gold, Silver Technical Analysis December 2, 2019

Gold closed above the bullish channel

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At the end of the previous week, gold prices closed above the top of the channel and might start a new bullish leg. But, there is no follow-through by the bull in today’s trading session. The price is under pressure and stick near the top of the channel. Will gold prices bounce from the channel and start a new bullish leg?

Today critical levels to watch:

Support: $1,450, $1,430

Resistance: $1,480, $1,500, $1,550

Silver no breakout of $16.80 – $17.00 range

No breakout from the $16.80 – $17.00 consolidation range yet in silver prices. The price expected to continue its ranging movement for now. Today, there is bearish pressure against the support level. Will silver finally breakout from the range and continue its bearish trend?

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil sudden bearish momentum movement

The price of crude oil suddenly moves down sharply in the Friday trading session. The downward movement managed to secure a close below $55.80 support level. Fortunately, there is no lower low printed on the chart which means there is a chance for the bull to recover from the current bearish movement.

This week, crude oil open above $55.80 and attempting to recover previous week loss.

Today critical level to watch:

Support: $55.80, $54.50

Resistance: $57.60, $59.50, $60.00

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