Daily Oil, Gold, Silver Technical Analysis June 29, 2020

Gold stick near $1,780

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The bearish reaction from the $1,780 resistance formed a bearish pin bar pattern on the gold daily chart. However, the bearish reaction has no follow-through and gold prices formed a bullish pin bar pattern at the end of the week. This week, the price might continue upward and attempt a breakout above $1,780.

If a breakout above $1,780 happens then gold might continue upward to reach $1,800.

Today critical levels to watch:

Support: $1,750, $1,700

Resistance: $1780, $1,800

Silver trade near $17.50 – $17.73

The price of silver continues its consolidation near $17.50 – $17.73 area and inside the triangle pattern. No breakout and no clue on the next direction yet. We think on the medium-long-term silver might breakout to the upside and continue its bullish trend. However, traders might want to wait until an actual breakout happens before placing major positions.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00, $16.80

Resistance: $18.00, $18.50

Crude oil time for a bearish correction?

Crude oil prices traded lower at the end of week and this week the price seems will continue its bearish movement from the $38.50. On the chart, we could see the ongoing bullish trend. As long as there is no lower low printed on current bearish correction, crude oil prices will continue its upward movement.

On the lower side, the previous swing low $34.36 will become the level to watch.

Today critical level to watch:

Support: $35.00, $34.36, $33.00, $30.00

Resistance:  $40.00

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