Daily Oil, Gold, Silver Technical Analysis July 23, 2020

Gold bullish marubozu close

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Gold prices extended its bullish movement in the previous trading day. It is such a strong bullish pressure as the candlestick closes as the marubozu pattern. Under the current situation, it seems gold prices could continue moving further higher and target the $1,900 handle.

Traders will avoid taking short positions for now until major bearish reactions formed.

Today critical levels to watch:

Support: $1,850, $1,800

Resistance: $1,900

Silver targeting $25.00 – $26.00

Silver prices jumped from $21.35 and closed higher yesterday. It is halfway toward $25.00 – $26.00 handle and might reach it if the bullish momentum maintained. Similar to the gold situation, traders will avoid taking short positions in silver until a major bearish reaction formed.

Today Critical levels to watch:

Support: $21.35, $20.00, $18.50

Resistance: $25.00, $26.00

Crude oil waiting for more bullish momentum

The bullish close of crude oil has no follow-through yet in the previous trading day. Crude oil closed inside the Tuesday range and currently waiting for further bullish pressure. No change to the outlook yet at the current time, if crude oil continue upward then $49.00 – $50.00 is the medium-long-term target.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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