Daily Oil, Gold, Silver Technical Analysis February 12, 2018

Gold No trade zone

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The rate-of-fall of gold decreased and gold attempt to move higher in Monday trading session. The upward movement manages to break above Friday high, but experienced rejection at $1,325. Currently, the price back inside the Friday range and risk further sell-off.

Traders who are looking for the long position could wait for bullish formation near the $1,300 support level.

Today critical level to watch:

Support:  $1,300

Resistance: $1,320,$1,325, $1,337, $1,340

Silver continue sideway

The silver direction is down after the break of $16.50. Similar to gold, there is an attempt to push the price higher today in silver. However, the upward movement failed to reach $16.50 resistance. There is no change in the outlook and traders will continue to observe $16.00 as a downward target.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil time to bounce?

Crude oil prices have reached the level we mentioned in the previous week. The downward movement extremely strong, but the bull absorbed all sell orders between $59.00 – $60.00. Today, the price has bounced and currently traded at $60.35. If the price could close above Friday high, we expect crude oil will continue upward and start a new bullish leg.

Today critical level to watch:

Support: $60.00, $59.00

Resistance: $62.50, $62.80, $65.00

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