Daily Oil, Gold, Silver Technical Analysis December 7, 2017

Gold $1,250 is in sight

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Gold drifted lower as expected after it closed below daily SMA 200 and could not close above the averages. The downward movement should reach $1,250 support level soon. If the support level were broken, traders would watch the reaction at red trendline. Further downside, $1,200 – $1,220 might become the medium-long term target.

Today critical level to watch:

Support: $1,258, $1,250

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

Silver eighth day without bullish candle

Silver downward movement sees no end yet as the price losing more ground below $16.00 support level. It is in losing streak, closed down for the seventh day and might prolong its losing streak. Traders might see some technical bounce reaction soon. The bounce could reach $16.00 or even $16.50 where traders could look for a short position.

Today critical level to watch:

Support: $15.50, $15.00

Resistance: $16.00, $16.50, $16.80

Crude oil ready for a bounce?

Full bearish candlestick close is a strong warning for the bull. It is as if the bear write a huge “Stay Away” word on the chart. Bullish traders might want to wait further until the bearish momentum weaken and avoid catching the falling knife. The level around $54.50 might become a bounce level where traders could look for a long position.

Today critical level to watch:

Support: $55.23, $54.50, $52.40

Resistance: $56.00, $57.60, $60.00, $62.50.

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