Daily Oil, Gold, Silver Technical Analysis July 13, 2018

Gold testing $1,240

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Gold bounce in the previous day immediately sold by the bear and the price currently testing $1,240 support level. The bearish momentum is strong and might break the support level. Traders who hold short position could continue holding the position and watch where the price close today.

If gold close below $1,240 and previous week low then it is a confirmed breakout and traders could continue to hold the short position. A close at $1,240 is neutral and suggest nothing. On the other hand, sharp bounce upward and close near opening price will help gold to start new bullish leg.

Today critical level to watch:

Support: $1,240, $1,236

Resistance: $1,250, $1,260, $1,265

Silver searching for bottom

Silver closed yesterday trading session with a bullish close but below $16.00. The price instantly sold by the bear today and it is currently hovering near weekly low. If the price could print fresh low below this week low, then we will see a test of trendline and $15.60 next week. No suggestion to place long position yet until bullish reaction seen.

Today critical level to watch:

Support: $15.60

Resistance: $16.00, $16.30, $16.50

Crude oil holding out above $70.00

The level $70.00 provide crude oil support, and there is no close below it yet. Trade wars issue and global tension play the major part in crude oil decline. Under the current situation, traders might want to see a strong bullish reaction from $70.00 support level first before placing long position.

Today critical level to watch:

Support: $70.00

Resistance: $72.50, $74.80, $75.00

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