Daily Oil, Gold, Silver Technical Analysis January 16, 2020

Gold set to bounce from $1,550

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The price of gold climbed above $1,550 and secure a close above it. The precious metal makes a bearish attempt on the level today and provides traders with possible bounce. If gold could continue to move higher and close above the previous day high then we will expect a new bullish leg toward $1,586.15 – $1,600.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver maintain the position inside $17.73 – $18.50

No breakout of the $17.73 – $18.50 area and silver manage to close the previous day on the positive side. At the current time, no momentum movement yet and the bull will aim to bring silver prices to close above the previous day high. We expect silver prices to continue trade between $17.73 – $18.50 with a bullish bias for now.

Today Critical levels to watch:

Support: $17.73, $17.50

Resistance: $18.00, $18.50, $19.00

Crude oil tested $57.60 support level

More bearish pressure seen on the crude oil price as lower low printed yesterday. No stop to the bearish pressure yet which means traders better avoid major long positions for now. If crude oil could maintain weekly close above $57.60 then a bullish bounce may happen toward $59.50 – $60.00.

Today critical level to watch:

Support: $57.60

Resistance: $59.50, $60.00, $65.00

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