Daily Oil, Gold, Silver Technical Analysis December 4, 2019

Gold reached $1,480 target

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Yesterday, the price of gold suddenly jumped from the channel and reach $1,480 resistance. The precious metal movement is in line with the expectation that it will start moving upward after the close above the channel. At the current time, gold is testing $1,480 resistance and looking to add more gain toward $1,500.

Traders will monitor the price reaction near $1,480 resistance.

Today critical levels to watch:

Support: $1,450, $1,430

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

Silver finally breakout from $16.80 – $17.00 range

Silver climbed above $16.80 – $17.00 range and close above it yesterday. The upward movement continues today but silver immediately reverses its upward direction. Currently, the price traded below the opening level and might continue down to test $17.00. Traders could observe the price reaction and enter a long position when silver manage to maintain the position above $17.00.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50, $17.73

Crude oil heading to $57.60

Crude oil slowly moving upward and recover its losses which occurred last week. The price moving up toward $57.60 and soon will reach it. Traders will observe the price reaction at the resistance and determine the next direction. Short positions after the price form major bearish pattern are the option, traders could take.

Today critical level to watch:

Support: $55.80, $54.50

Resistance: $57.60, $59.50, $60.00

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