Daily Oil, Gold, Silver Technical Analysis July 12, 2019

Gold continue ranging between $1,390 – $1,430

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The upward movement of gold rejected from the level near $1,430 yesterday. It seems the price will continue its ranging movement between $1,390 – $1,430 for now. Traders could continue to apply ranging strategies between $1,390 – $1,430 with a bullish bias.

Today critical levels to watch:

Support: $1,400, $1,390, $1,380

Resistance: $1,430, $1,450, $1,500

Silver rejection from $15.20

In the previous day, silver initially manages to climb above $15.20. But at the end of the day, the price turned lower and closed below its opening level. It is a bearish indication and the price expected to continue moving lower for now. We could see a triangle pattern on the silver chart. Traders will wait for the breakout before placing long-term positions.

Today Critical levels to watch:

Support: $15.00, $14.80

Resistance: $15.20, $15.60

Crude oil further upside

No change to the crude oil outlook yet since yesterday. The price expected to continue its upward movement and traders could use $60.00 as a level to look for long positions if the price makes the correction.

Today critical level to watch:

Support: $60.00, $57.60

Resistance: $65.00

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