Daily Oil, Gold, Silver Technical Analysis February 14, 2018

Gold turns lower after $1,337 test

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The price of gold hit resistance $1,337 and the top of red channel today. The touch of resistance greeted by selling which pushes the price to its opening level. If the bearish pressure continues, then gold could fall below $1,325 and continue its correction.

We expect the price of gold will continue moving inside the red channel until breakout happens.

Today critical level to watch:

Support:  $1,325, $1,320, $1,300

Resistance: $1,337, $1,340

Silver safe close near $16.50

Silver bull is looking to boost the price higher after fell below $16.50 support. The price is supported by the red trendline and could reach as high as $16.80 if the bull could maintain momentum. When the price hit $16.80 resistance, we might see some test to determine silver next direction.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil more support test

Crude oil drifted lower below $59.00 after it failed to bounce in the previous day. Fortunately, crude oil has support from the red trendline and no break seen yet. There is no confirmation yet where crude oil will move next, and traders who hold long position might want to place the stop order below $58.00.

Today critical level to watch:

Support: $59.00, $5800

Resistance: $60.00, $62.50, $62.80

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