Daily Oil, Gold, Silver Technical Analysis | May 12, 2022

Gold limited below $1,850

Gold prices bounced from the daily SMA 200 and closed the day higher yesterday. However, there is no bullish continuation today as the price is limited below the $1,850 resistance level. Trades will monitor the price movement between the daily SMA 200 and the $1,850 level now. If the price breakout lowers then it will target the $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850

Resistance: $1,900, $1,953, $2,000, $2,074.69

Silver breakout below $21.35

A bearish breakout happened in silver prices today and a new lower low was printed. At the current time, the price is attempting to erase the losses and return to its opening level. If silver prices could move upward and close above $21.35 at the end of the day then it will nullify the bearish breakout.

Traders will wait for the closing level at the end of the day to get a clue on the next direction.

Today’s Critical levels to watch:

Support: $21.35

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil closed near $106.00

Crude oil prices closed the day higher near the $106.00 resistance level. There is no bullish follow-through yet today and traders will monitor the reaction near $106.00. If the price gets rejected and starts moving lower again then traders will use the trendline for reference to enter long positions.

Today’s critical level to watch:

Support: $100.00, $95.25, $90.00

Resistance: $106.00, $130.00

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