Daily Oil, Gold, Silver Technical Analysis March 12, 2018

Gold continues inside blue channel

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Gold prices took an upward turn after previous week U.S job data surpassed expectation but wage growth slower than forecast. The precious metal currently projected will move into the blue channel with an upside bias. Traders could continue to use the channel range to take a position.

On the upside, $1,337 stay unbudging and will act as resistance when price visits it.

Today critical level to watch:

Support:  $1,300

Resistance: $1,325, $1,337, $1,340

Silver more consolidation

Despite the close above $16.50 in the previous week, silver expected to move in limited range. The precious metal has not moved much since the break below $16.80 support level. The pair has ranged between $16.20 – $16.80 which traders could use for reference to take a position.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil back inside the triangle

There is nothing to do yet at crude oil prices as the price moved back inside the triangle pattern. The triangle consolidation should continue and breakout soon. Traders could place position in the direction of the breakout. Currently, the bull has upper hand.

Today critical level to watch:

Support: $60.00, $59.00

Resistance: $62.50, $62.80, $65.00, $65.78

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