Daily Oil, Gold, Silver Technical Analysis February 3, 2020

Gold surpass the resistance $1,586.15

At the end of the previous week, gold extends its bullish movement and manage to close the week above $1,586.15. It seems the bullish trend in the precious metal will continue this week. No change to the outlook, traders might want to continue to hold long positions. On the other hand, if the bearish correction happens then traders could add more long positions.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver Fake bearish breakout

There was a fake bearish breakout below $17.73 in Silver. Before the end of the previous week, the bull manages to bring the price back above $17.73 and distance itself from the level. This week, silver prices expected to continue its bullish movement and target $18.50.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00

Resistance: $18.00, $18.50

Crude oil fell below $52.40

It will be a hard time for crude oil bulls as the price expected to stay bearish as long as China could not solve the coronavirus problem. Moreover, at the weekend, China reported an outbreak of H5N1 bird flu in Hunan province. We might see crude oil reach $50.00 this week and it might close below the support level by the end of the week.

Today critical level to watch:

Support: $50.00

Resistance: $52.40, $54.50, $55.80

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