Daily Oil, Gold, Silver Technical Analysis June 18, 2018

Gold tumbled hard

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Gold is losing sharply after the test of the triangle and daily SMA 200. There is strong bearish momentum in Friday and followed by lower open on Monday. The precious metal set to lose more ground this week as new lower low printed on the daily chart. We think $1,280 will limit upside in gold while the bear is aiming for $1,260 – $1,265 next.

Today critical level to watch:

Support: $1,265, $1,265

Resistance: $1,280, $1,300, $1,320, $1,325

Silver in the zone

Silver rejected sharply in the previous week from the red trendline. It is a strong bearish reversal, fortunately, no breakout below the black trendline today. Nevertheless, silver still in a critical situation and favor for breakout lower. Traders will observe how price reacted at the support level and where silver close by the end of the week. Closure below the trend line is a sign of bearish continuation.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil awaited trendline test happen

The long-awaited red trendline test happens today as crude oil print new lower low. The trendline touch results in strong bounce which deliver crude oil near $66.00. Will the bull use the momentum and bring crude oil much higher this week? The question might be answered when OPEC meet later on Friday this week.

Today critical level to watch:

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

Resistance: $70.00

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