Daily Oil, Gold, Silver Technical Analysis | February 22, 2021

Gold building bullish pressure

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The bearish pressure on gold prices $1,780 support level has receded. The price made a bullish pin bar pattern last week and currently, its attempts to break above the pattern high. If a bullish breakout happens and the price could close above $1,800 then traders will expect a bullish reversal toward $1,850 and SMA 200.

Today critical levels to watch:

Support: $1,780

Resistance: $1,800, $1,850, $1,900

Silver bounce from $26.00

We have a bearish correction movement that tested the $26.00 support level last week. Silver price managed to bounce from the support level and formed a bullish pin bar pattern. The price currently testing the Friday high and will attempt to break out above it.

Traders will monitor the price reaction at the current time. The key to further bullish pressure is a breakout and close above January’s high.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $30.00, $31.50

Crude oil traded near $60.00

Crude oil price closed below $60.00 last week and might trigger a bearish correction. However, there is no bearish follow-through this week and the price currently moves upward to test the $60.00 resistance level. Traders who have long positions will continue to hold the position as the crude oil price trend is bullish. On the other hand, traders who want to enter short positions might want to be careful and keep tight stop order above the previous week’s high.

Today critical level to watch:

Support: $57.60

Resistance: $60.00, $65.00

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