Daily Oil, Gold, Silver Technical Analysis July 11, 2018

Gold takes a downturn

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The downturn in gold continue today after rejection from $1,260 – $1,265 area. Price currently testing $1,250 and will decide next direction by where it close at the end of the day. A close below $1,250 prompts further selling to test $1,240 and lower. Bounce from $1,250 will lead the precious metal trading between $1,250 – $1,265 until breakout happens.

Today critical level to watch:

Support: $1,250, $1,240, $1,236

Resistance: $1,260, $1,265

Silver no decisive close yet

The bull and the bear continue stalemate situation by another close near $16.00. Silver experience selling today but we are still in a neutral situation and prefer no position. However, short-term traders could make use of this moment to look for a short position, expecting sell-off will happen below the trendline.

Today critical level to watch:

Support: $15.60

Resistance: $16.00, $16.30, $16.50

Crude oil await inventory data

U.S inventory data might become mover for crude oil prices as it continues moving between two Fibonacci extension level. No change to the analysis, expectation continue flat inside both Fibonacci level, and traders could use the moment to trade the range.

Today critical level to watch:

Support: $72.50, $70.00

Resistance: $74.80, $75.00

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