Daily Oil, Gold, Silver Technical Analysis February 8, 2019

Gold gaining upside momentum

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Daily Oil, Gold, Silver Technical Analysis February 8, 2019

Gold bounced yesterday and today the bull followed through by pushing the price further higher. It is no as planned (A bounce from $1,300) however the bounce is valid and could extend toward $1,337. Traders who hold long positions could hold the position and ride the upward wave. Traders who are looking for short positions might want to wait until the precious metal reached $1,337 or losing upward momentum.

Today critical levels to watch:

Support: $1,300, $1,290, $1,280

Resistance: $1,337

Silver strong upward bounce

Daily Oil, Gold, Silver Technical Analysis February 8, 2019

Strong bounce happened today and bring silver up. The upward movement erased losses incurred two days ago. If silver could maintain its bullish pressure then we could expect the price hit $16.00 resistance soon.

Today critical level to watch:

Support: $15.60, $15.20, $15.00, $14.40

Resistance: $16.00

Crude oil continue ranging inside $52.40 – $54.50

Daily Oil, Gold, Silver Technical Analysis February 8, 2019

No breakout of $52.40 even though there was strong bearish pressure yesterday. Without any breakout, it means crude oil will continue its ranging movement inside $52.40 – $54.50. Similar to previous analysis, a long position near $52.40 and a short position near $54.50 might be the best option.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.00, $57.60

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