Daily Oil, Gold, Silver Technical Analysis July 5, 2018

Gold time to correct downside

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The upward movement of gold has reached the $1,260 – $1,265 resistance area as expected. There is bearish reaction today as gold drifted lower. Without a change to the direction of gold, it soon will test $1,250 support level. Will the precious metal bounce or resume the bearish trend after $1,250 test?

Today critical level to watch:

Support: $1,250, $1,240, $1,236

Resistance: $1,260, $1,265

Silver $16.00 new equilibrium?

Silver bounced in the previous day and reclaimed $16.00 broken level. The level might act as equilibrium level for next movement. Today, silver price slowly losing value and try to move below $16.00 again. Will we see a bearish continuation after rejection from $16.00 or strong bullish move toward $16.50?

Today critical level to watch:

Support: $16.00, $15.60

Resistance: $16.30, $16.50

Crude oil no losing day yet this week

Zero losing days in crude oil continue this week as crude oil maintain higher close in the previous day. No reason to take a short position yet. However, crude oil losing upward momentum at the second Fibonacci extension level at $74.80. The bull needs a major bullish move and breaks $74.80 – $75.00 area to continue its bullish streak.

Today critical level to watch:

Support: $72.50, $70.00

Resistance: $74.80, $75.00

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