Daily Oil, Gold, Silver Technical Analysis February 14, 2020

Gold continue hover inside $1,550 – $1,586.15

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The bullish close in gold prices continue yesterday and gold might test $1,586.15 resistance soon. No movement outside of $1,550 – $1,586.15 range yet which mean gold could continue its ranging movement. Traders will monitor the precious metal reaction and the closing level today.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver back inside $17.50 – $17.73

After the close below $17.50 support level, silver move back inside $17.50 – $17.73 range and close inside it. The precious metal expected to continue its consolidation inside the range and traders will continue waiting for ba reakout.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil looking to test $52.40

Crude oil slightly lower yesterday but the bearish pressure recede before the end of the trading day and crude oil closed near its opening level. Today, the price has not moved much from the opening level. If the price continues its upward movement then traders will expect a test on $52.40 resistance.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50

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