Daily Oil, Gold, Silver Technical Analysis May 15, 2018

Gold the end for the bull?

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Gold slide sharply lower today and move below the major support daily SMA 200. The precious metal hit very hard by the bear and might have broken its bullish trend. It is the first time gold fall below $1,300 and SMA 200 since the beginning of the year.

It might be the best time for traders who hold long position to liquidate the position and look for short near the breakout $1,300 level.

Today critical level to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver turned lower to test $16.00

The silver bear took a grip of the price and brought it down below $16.50. The selling does not stop today, and there is no bullish sign yet as the price stick near the low of the day. We might see a test of $16.00 support level soon. Traders might want to avoid long position until there is bullish reaction near the support level.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.50

Crude oil pause at the top

Crude oil print a fresh high, but immediately reverse the winning and trade below opening level. The price might continue under pressure for coming days as the fear of U.S rate hike become more apparent. Today the long-term debt rate increase to a level above 3% and indicate possible rate-hike.

The price of crude oil commonly has inverse correlation against U.S dollar and might take a downturn. If the price moves down, then traders could look at $70.00 support level for the long position.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00

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