Daily Oil, Gold, Silver Technical Analysis | July 23, 2021

Gold limited between $1,800 & SMA 200

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Gold prices are under bearish pressure but always close the day above the level. The price is expected to maintain the range between $1,800 and SMA 200 until the end of the week. Traders will continue to observe the daily closing level for now and waiting for a breakout.

We still think the price could continue its bullish trend and surpass the daily SMA 200.

Today critical levels to watch:

Support: $1,800, $1,780, $1,700, $1,680

Resistance: $1,850, $1,900

Silver bounce from $25.00

A bounce is expected from the $25.00 handle and brings the price upward to test $26.00. At the current time, the silver price might consolidate between $25.00 – $26.00 while waiting for a breakout. If the price could reclaim $26.00 and print a higher high then traders will expect bullish continuation toward $30.00 and $31.50.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $29.00, $30.00, $31.50

Crude oil set to resume bullish trend

Crude oil prices recover all of the losses incurred at the beginning of the week. The price has returned above the $70.00 handle and is set to resume its bullish trend. On the upside, $77.13 is the target for the current upward movement. As long as there is no bearish close below $70.00 at the end of the week, it is safe to assume that the bullish movement will continue.

Today critical level to watch:

Support: $70.00, $67.20, $65.00, $60.00

Resistance: $77.13

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