Daily Oil, Gold, Silver Technical Analysis July 09, 2020

Gold closed above $1,800

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Gold building more bullish pressure and managed to close above $1,800 handle yesterday. The precious metal bullish trend expected to continue as new coronavirus cases continue to increase across the world. It is better to avoid taking short positions for now, at least until there is a major bearish reaction in the gold prices.

The all-time high $1,919.90 will become the bullish target for the current upward movement.

Today critical levels to watch:

Support: $1,800, $1780

Resistance:

Silver closed above $18.50

The bullish movement of silver finally manages to close above $18.50 in the previous trading day. The price looks will continue its bullish pressure and target $20.00 next. Without a close below $18.50, traders could continue to hold long positions while avoiding long positions.

Today Critical levels to watch:

Support: $18.50, $18.00, $17.73

Resistance: $20.00

Crude oil no momentum

Similar to the previous day situation, crude oil continues to trade without strong momentum to the upside. The price manages to close the day positive but it seems the consolidation will continue. Traders will wait for the momentum movement to determine crude oil next direction.

$40.00 and $38.50 will become the key level to watch at the current time.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $50.00

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