Daily Oil, Gold, Silver Technical Analysis December 6, 2017

Gold no pause on decline

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The price of gold continues its bearish move after the break below the bullish channel. The bear manages to close the price below daily SMA 200 and gain more advantage against the bull. Today, the price opened below the averages and aimed to widen its winning against the bull.

On the downside, $1,250 is the checkpoint for the bear. Below this level, there is $1,200 – $1,220 area where traders could look for a long position.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337

Silver touchdown at $16.00 support, continue slide

Silver finally touched the first bearish target at $16.00 and did not give the bull chance to regroup. The price moves further lower below the support level and might extend the down move to the blue trendline. It is better for the bull to stay sideline for now and wait for a close above $16.00 first.

Today critical level to watch:

Support: $15.50, $15.00

Resistance: $16.00, $16.50, $16.80

Crude oil undergo correction

The bear finally seizes control from the bull at $57.60 level. Even though U.S crude oil inventory recorded sharper deficit of 5.6 million barrels vs. a deficit of 3.2 million barrels, the bull seems lost appetite. The correction has targeted at black trendline and could extend to the breakout point $54.50.

Traders who are looking for the long position could wait until the price falls further.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $57.60, $60.00, $62.50.

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