Daily Oil, Gold, Silver Technical Analysis | January 14, 2021

Gold hanging near the daily SMA 200

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The price of gold sticks near the $1,850 level and above the daily SMA 200. The precious metal has not shown any sign of the next direction yet. If the price could continue to maintain the level above daily SMA 200 and bounce from it then gold might start moving upward to target $1,900 and $1,950.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,950, $2,000

Silver start consolidation inside $25.00 – $26.00

The bearish pressure on the silver price seems contained inside the $25.00  -$26.00 area. The price is consolidating inside the area for now. If the price could climb and close above $26.00 then traders will expect a continuation of the bullish trend. On the other hand, if the price fall below $25.00 and the bullish trendline then we will see the start of a new bearish trend.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $30.00, $31.50

Crude oil target $54.50 – $55.00

Crude oil prices continue printed higher high on the daily chart. The price almost reaches the $54.50 resistance level yesterday. However, at the end of the day, the price reversed and closed lower. Trades will monitor the price movement between $52.40 – $55.00 for now.

If a bearish correction happens then $52.40 and $49.00 – $50.00 area could be used to enter long positions.

Today critical level to watch:

Support: $52.40, $50.00, $49.00

Resistance: $54.50, $55.00

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