Daily Oil, Gold, Silver Technical Analysis | January 19, 2022

Gold slightly lower

The bullish movement of gold prices is expected to continue upward and target the $1,850 resistance level. As long as the price stay above daily SMA 200 then traders could continue to hold long positions. On the upside, $2,000 is the long-term target for this year. On the other hand, a bearish close below $1,780 could cancel the current bullish outlook.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,953, $2,000

Silver closed inside the yellow box area

Silver prices traded upward and closed inside the yellow box area yesterday. We have a major bullish breakout that could extend upward to test the top of the yellow box. A close above the yellow box area will confirm further upside to the target $25.00 – $26.00 resistance area. We think a bearish continuation scenario is a less likely scenario to happen at the current time.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil more bullish closes

Crude oil prices climbed and close above the $85.00 resistance level yesterday. The price also printed a higher swing high which means the bullish trend can continue now. On the upside, the price is expected to target $90.00 and $100.00 resistance level next. If a bearish correction happens, traders could use $82.72 and $85.00 as levels to enter long positions.

Today critical level to watch:

Support: $82.72, $80.00

Resistance: $85.00, $90.00, $100.00

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