Daily Oil, Gold, Silver Technical Analysis June 30, 2020

Gold no reaction yet from $1,780

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Gold continues its ranging movement near the $1,780 resistance level. No major bearish reaction and no breakout above the level yet. Traders will continue to monitor the reaction near the resistance level for now. We think in the long-term the precious metal will continue its upward movement at least until the effective vaccine for coronavirus found.

Today critical levels to watch:

Support: $1,750, $1,700

Resistance: $1780, $1,800

Silver more consolidation near $17.50 – $17.73

Silver prices still trapped inside the triangle pattern and near the $17.50 – $17.73 area. No breakout means traders will continue waiting sideline for now. Similar to the gold prices, we think silver has more chances to make a bullish breakout.

As long as there is no major bearish close below $16.80, traders could assume the bullish trend will continue.

Today Critical levels to watch:

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

Resistance: $18.00, $18.50

Crude oil stick near $38.50 – $40.00

The price of crude oil closed higher in the previous trading day. We have a bullish engulfing pattern which cancels the possible bearish outlook. At the current time, crude oil prices expected to continue trade near $38.50 – $40.00. Traders will continue to observe the price reaction near the area.

Today critical level to watch:

Support: $38.50, $35.00, $34.36

Resistance:  $40.00

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