Daily Oil, Gold, Silver Technical Analysis January 12, 2018

Gold extends gain after $1,320 close

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Gold closed above $1,320 yesterday and bring more bullish sentiment on the table today. The precious metal prices move up and hit as high as $1,332 before turning down and traded at $1,325. There is no change yet to the bullish sentiment, but traders might want to watch where the price closed at the end of the week.

Wednesday high is the bar to watch as the bear seems present and holding the bull from further upside.

Today critical level to watch:

Support: $1,320, $1,300, $1,280

Resistance: $1,337

Silver hold below $17.00 again

Silver prolong its ranging movement below $17.00 yesterday. The price made third close below the resistance level and struggling for control. The bull manages to push the price above $17.00 today after U.S inflation and retail sales data. However, the upward momentum losing gas before U.S market open.

Will the bull regain control and close the price above $17.00?

Today critical level to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73, $18.00, $18.50.

Crude retrace before $65.00

Crude oil bull pushed the price further upside yesterday and reach $64.76 before took a downturn. The event produces bearish pin bar pattern and low broken. Although the pattern bearish, it looks like minor profit taking and the pattern might not have confirmation close below the low.

If the price decides to make deeper pullback, $62.80 and $60.00 could be used as a level to enter a long position.

Today critical level to watch:

Support: $62.50, $60.00, $57.60

Resistance: $65.00

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