Daily Oil, Gold, Silver Technical Analysis June 13, 2018

Gold stick inside triangle as expected

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Gold stuck inside the triangle pattern as expected. The bull and the bear hesitant to make a major move as The Fed interest-rate announcement loom. It is less than 5 hours, and we should see some movement in gold soon. We favor a breakout lower after rejection from top of triangle or $1,300 resistance.

However, an upward movement with a close above daily SMA 200 will cancel the bearish outlook.

Today critical level to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver ready to test $17.00

The bull is on the run in silver and pushing the price further higher even though The Fed interest-rate announcement loom. Silver looks ignoring everything and targeting $17.00 and the red trendline. A major reversal could happen today and breakout above the resistance as well.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00

Crude oil another bounce attempt

Crude oil finished lower in the previous day, even though the bull has the upper hand the entire session. Fortunately, the bull does not get discouraged and make another attempt to bounce. The price currently sticks near previous day high and waiting for breakout trigger. Will we see breakout or sell-off today?

Today critical level to watch:

Support: $66.00, $65.78, $65.00, $62.80

Resistance: $70.00

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