Daily Oil, Gold, Silver Technical Analysis February 19, 2020

Gold breakout above $1,586.15

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Gold’s next trend has been settled after the previous day breakout. The precious metal climbed above $1,586.15 and move up with strong bullish momentum. It is the first close above $1,600 since April’13. Traders will expect further upside and take long positions when there is a bearish pullback.

Today critical levels to watch:

Support: $1,586.15, $1,550, $1,500

Resistance: $1,600

Silver jumped above $17.73

Silver prices made bullish jump above $17.73 and closed significantly higher. The price currently traded at $18.22 and soon will reach $18.50 resistance. It is better to hold long positions and waiting for further reaction near $18.50. If bullish breakout happen then continue to hold the long positions. On the other hand, if there is equal bearish momentum near $18.50 then traders could take short positions toward $17.73.

Today Critical levels to watch:

Support: $18.00, $17.73, $17.50, $17.00

Resistance: $18.50

Crude oil set to test $52.40

The rejection from $52.40 resulted in a bearish movement in crude oil prices. However, the bearish movement is short-lived and crude oil return to its opening level before closing bell. Today, the price of crude oil might test $52.40 resistance again and looking for breakout above it. Traders will observe the daily closing level of crude oil to determine next direction.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50

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