Daily Oil, Gold, Silver Technical Analysis | May 13, 2022

Gold continue moving lower

Gold prices breakout and close below the daily SMA 200. The precious metal continues losing its value against the U.S dollar as the U.S dollar index maintains bullish pressure. If there is no change to the bearish situation then gold prices will test the $1,780 – $1,800 area. Traders will monitor the price reaction near the area.

We think a flash crash below the area might happen to clear weak long hands. If the price could print a major bullish reversal pattern then we might see the start of upward movement.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,953

Silver resume bearish movement toward $20.00

Silver prices broke and close below the $21.35 support level. It is a major bearish confirmation and the price currently extends a bearish movement toward $20.00. There is no bullish sign yet which means traders will avoid entering long positions. Similar to the gold prices situation, we think a bullish reversal might happen soon. Traders will observe the situation and proceed cautiously when entering long positions.

Today’s Critical levels to watch:

Support: $21.35

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

Crude oil stay above $106.00

Crude oil prices building more bullish pressure as the price closed near the $106.00 resistance level yesterday. As long as the price continues to print higher high and higher low, there is no reason for traders to enter short positions. On the lower side, $95.25 is the major support level to watch.

Today’s critical level to watch:

Support: $100.00, $95.25, $90.00

Resistance: $106.00, $130.00

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