Daily Oil, Gold, Silver Technical Analysis January 14, 2020

Gold closed below $1,550

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A bearish close below $1,550 happened yesterday and put gold under further bearish pressure. Today, the price continues its downward movement. There is no confirmation yet that the bearish trend will continue or not. If gold bull could bring the price back above $1,550 in several days then the precious metal expected to continue its long-term bullish trend.

Today critical levels to watch:

Support: $1,500

Resistance: $1,550, $1,586.15, $1,600

Silver testing $17.73

Another test on $17.73 support level triggered today. No reaction from the support level yet for now. If the price could close above $17.73 then silver expected to continue its consolidation between $17.73 – $18.50. A long position near $17.73 might be an idea to consider.

Today Critical levels to watch:

Support: $17.73, $17.50

Resistance: $18.00, $18.50, $19.00

Crude oil long position opportunity

The price of crude oil continues its bearish close and it manages to reach the level near $57.60 support level today. There is a bullish reaction near the level and crude oil prices currently bounced from it. If the bull could push the price further upside then crude oil will target $59.50 – $60.00.

Traders could look for long positions with a stop below $57.60.

Today critical level to watch:

Support: $57.60

Resistance: $59.50, $60.00, $65.00

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