Daily Oil, Gold, Silver Technical Analysis | May 04, 2021

Gold bullish close above $1,780

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Gold prices building bullish pressure and closed above $1,780 yesterday. The price currently back inside the $1,780 – $1,800 area. If the price could build more bullish pressure then we might see a breakout and bullish continuation above $1,800.

Today critical levels to watch:

Support: $1,780, $1,750, $1,700, $1,680

Resistance: $1,800

Silver launched above $26.00

The price of silver finally bounce from $26.00 and formed a major bullish close yesterday. It seems the bullish continuation secured and the price expected to resume the movement to target $31.50. Traders who have entered long positions near $25.00 – $26.00 could continue to hold the positions for now.

Today Critical levels to watch:

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

Resistance: $27.00, $30.00, $31.50

Crude oil testing $65.00

Crude oil prices printed higher high today which might become initial confirmation for a further bullish trend. Traders will monitor the closing level of crude oil today to determine if the resistance level has been broken or not. On the upside, $70.00 is the next target.

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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