Daily Oil, Gold, Silver Technical Analysis February 12, 2019

Gold pointed up

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The direction of gold is pointed upward and the path toward $1,337 is open. However, the bull seems hesitant to bring the price up. Today, there is bullish pressure but still limited inside the previous day range. The bullish sentiment comes from positive development in U.S government. The lawmakers in the U.S reach a tentative deal to avoid another government shutdown.

Positivism also brewed in the Asian and European market. U.S-China trade talk might reach a deal and put the stress out of the market.

Today critical levels to watch:

Support: $1,300, $1,290, $1,280

Resistance: $1,337

Silver gaining above $15.60

The price of silver found footing near $15.60 again and bounce from the level. Even though the upward movement is strong but it is still below the previous day high. Traders will wait for a further clue on silver next direction. We think holding long positions still the best option to take for now.

Today Critical levels to watch:

Support: $15.60, $15.20, $15.00, $14.40

Resistance: $16.00

Crude oil scored a “Safe”

Crude oil opened below $52.40 in the previous day and sent a panic signal to the market. It was considered breakout, however, the price return above $52.40 by the end of the day and create “False breakout” signal. Without breakout then crude oil will continue its consolidation inside $52.40 – $54.50 and the bull do not take long to bring the price up.

Currently, crude oil expected to move toward $54.50 and test it this week.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.00, $57.60

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