Daily Oil, Gold, Silver Technical Analysis December 6, 2019

Gold looking for a breakout above $1,480

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The price of gold makes a bearish correction after the touch of $1,480 resistance. Yesterday, the bearish correction stopped and gold closed inside the Wednesday range. The price may start moving upward again and breakout above $1,480.  Traders will wait for a pullback to enter long positions.

Today critical levels to watch:

Support: $1,450, $1,430

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

Silver maintain the position inside $16.80 – $17.00

Silver returned inside $16.80 – $17.00 range with a major bearish engulfing pattern. Yesterday the price manage to stau inside the range and no bearish continuation happened. At the current time, the price expected to continue inside $16.80 – $17.00 until breakout happens.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil waiting for OPEC result

OPEC’s meeting helped crude oil to climb higher and reached the level near $59.50. We think the price has a chance to reach $60.00 as OPEC’s current consensus seeks a deeper production cut. After the announcement, traders could expect crude oil to trade higher and may reach $60.00.

Today critical level to watch:

Support: $57.60, $55.80, $54.50

Resistance: $59.50, $60.00

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