Daily Oil, Gold, Silver Technical Analysis July 31, 2020

Gold time for a correction?

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Gold bullish trend has extended for ninth days and it is the first time the price will make a bearish close. However, the precious metal continues supported above $1,950 which might provide traders with a small correction only. If a bearish correction happens then traders could consider entering long positions near the $1,900 support level.

$1,800 is the best level to take long positions but the bearish correction less likely to reach the level.

Today critical levels to watch:

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

Resistance: $2,000

Silver set for a correction toward $21.35?

The price has reached $25.00 – $26.00 area and stuck below it. We have ample volatility near the current level. Silver prices currently attempting to close below Wednesday low. If the bearish close happens then traders could expect the price to start moving lower and target $21.35.

Today Critical levels to watch:

Support: $21.35, $20.00, $18.50

Resistance: $25.00, $26.00

Crude oil sudden bearish pressure

Crude oil prices mostly sideways above $38.50 – $40.00 area. But the price finally makes a bearish movement to test the area. At the current time, the price is supported by the area and will attempt to close above it. Similar to the previous analysis, if the price could close below $38.50 then traders will expect deep bearish movement.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00

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