Daily Oil, Gold, Silver Technical Analysis June 03, 2020

Gold started a bearish correction

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The bounce from $1,700 support level brought gold prices up for three days. Yesterday, the price finally made a bearish close. The bear continues to put pressure toward gold prices and currently, the price has moved lower below the previous day low.

If the bearish pressure maintained then we could expect gold prices to retest $1,680 – $1,700 support area again.

Today critical levels to watch:

Support: $1,700, $1,680, $1,650, $1,600

Resistance: $1,750, $1780

Silver slightly lower and testing $17.73

Silver prices paused its bullish movement and printed a bearish close yesterday. It is not a significant bearish close and might be a temporary reaction only. Traders will observe the area between $17.50 – $17.73 for a possible bullish reaction. Long positions from the area might the option, traders could take for now.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00

Resistance: $18.00, $18.50

Crude oil target the prices gap

Crude oil direction continues to point to the upside toward the gap level around $40.00. No change to the outlook yet which means traders might want to avoid short positions. Traders who has long positions could continue to hold the positions until there is a major bearish reaction from the level.

Meanwhile, OPEC expected to extend its production cut policy and help to boost oil prices.

Today critical level to watch:

Support: $33.00,$30.00

Resistance:  $40.00

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