Daily Oil, Gold, Silver Technical Analysis July 30, 2020

Gold further bullish close

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The price of gold continues it’s bullish close yesterday, leaving no room for the bear. At the current time, the precious metal maintaining the positions above the $1,950. Without bearish close, traders better avoid taking short positions. Wait until a bearish close happens then enter short positions on a retest of resistance.

Gold prices might extend its bullish movement toward $2,000 handle.

Today critical levels to watch:

Support: $1,950, $1,919.90, $1,900

Resistance: $2,000

Silver sideway near $25.00 – $26.00

The price of silver making consolidation near the $25.00 – $26.00. If the price continues stalled near the resistance area then traders will expect a bearish correction to happen soon. The bearish correction might be able to push the price toward $21.35 support level.

Today Critical levels to watch:

Support: $21.35, $20.00, $18.50

Resistance: $25.00, $26.00

Crude oil nothing changed yet

Crude oil moving sideways for several days with an upside bias. There is no change to the outlook of the price yet for now. Traders could only wait until the price makes momentum movement away from $38.50 – $40.00 area. At the current time, waiting at the sideline or continue holding long positions might be the best option.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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