Daily Oil, Gold, Silver Technical Analysis | May 03, 2021

Gold waiting reaction at $1,780 – $1,800

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Last week, gold prices were rejected from the $1,780 resistance level. The price closed lower, however, it currently moves upward and testing the $1,780 level. We think gold prices will eventually break out above $1,780 – $1,800 area. Traders will continue to hold long positions for now unless a major bearish reversal pattern formed on the daily chart.

Today critical levels to watch:

Support: $1,750, $1,700, $1,680, $1,550, $1,500

Resistance: $1,780, $1,800

Silver stay near $26.00

Silver prices made a bearish close below $26.00 but not a significant one. The price is expected to continue its consolidation near the $26.00 level. We still think the price will continue its bullish trend to target the $31.50 handle.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $30.00, $31.50

Crude oil bearish rejection from $65.00

Crude oil prices got rejected from the $65.00 handle and formed a bearish close at the end of the previous week. There is no lower low printed yet on the chart which means the trend is expected to continue bullish. Traders will continue to hold long positions for now with the expectation that the price will breakout above $65.00 and target $70.00

Today critical level to watch:

Support: $60.00, $57.60, $55.80, $54.50

Resistance: $65.00, $67.20, $70.00

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