Daily Oil, Gold, Silver Technical Analysis February 13, 2018

Gold testing $1,325

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Gold bounced from the bottom of red channel and top of the blue channel. Currently, the price is testing $1,325 broken support and waiting for decisive movement. Bull traders will need a close above $1,325 on the daily chart to continue the upward movement. Meanwhile, the bear looks ready to slam the price near both the top of the red channel and $1,325.

There is a possibility the price will move above $1,325 but experience rejection at the top of the red channel.

Today critical level to watch:

Support:  $1,320, $1,300

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

Silver bull not giving up yet

The bull has not given up yet on silver prices after the move back above $16.50 today. It is a phase of correction, and next trend will depend on where silver close. A close above $16.50 could help silver to trade at upper range $16.50 – $16.80. Meanwhile, a close below $16.50 might drive silver down to test $16.00.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil failed bounce

Crude oil attempted a bounce in the previous trading day. The bull has the advantage in most of the session, but at the end of the day, the price closed between $59.00 – $60.00 which nullify the bounce. There is another attempt today, but the price has not moved out of $59.00 – $60.00.

Will the bull seize control of crude oil and start a bullish leg?

Today critical level to watch:

Support: $59.00

Resistance: $60.00, $62.50, $62.80

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