Daily Oil, Gold, Silver Technical Analysis June 7, 2018

Gold no breakout above $1,300 yet

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Gold bull is close to secure $1,300 level from the bear. However, the bullish attempt above $1,300 intercepted and the price always close below the level. It is clear $1,300 is significant level to watch. Meanwhile, gold expected to move between triangle pattern while looking for a breakout. Under current situation (Price below daily SMA 200), we favor further bearish movement and breakout lower below the triangle.

Today critical level to watch:

Support: $1,280

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

Silver strong break of triangle

Silver finally break the triangle pattern and advance to $16.80 resistance. The precious metal might break higher above the resistance and test the top trendline. Traders could look for short position when silver hit the resistance and turned lower. On the other hand, a downward move toward the bottom trendline will provide long opportunity.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil rangebound

Crude oil is consolidating around $65.00 – $66.00 just above the red trendline. There is no sign of breakout yet from the range. It is possible for the price to continue lower toward the trendline before the bear losing momentum. U.S crude oil inventory recorded surplus of 2.1 million barrels vs. a deficit of 2.0 million barrels in the previous day. The surplus pushes the price lower but maintained by the bull above $65.00.

Today, the bull return and push the price higher as global market sentiment turn positive as trade fear abate. Will crude oil bounce higher from current level?

Today critical level to watch:

Support: $65.00, $62.80

Resistance: $65.78, $70.00

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