Daily Oil, Gold, Silver Technical Analysis May 16, 2018

Gold clear winning by the bear

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The price of gold sliced below $1,300 and the daily SMA 200 which indicate the bull has lost the battle. Currently, the price of gold expected to make retracement toward the broken support level and test it before moving further downside.

It is the last chance for the bull to bring the price above $1,300 and cancel the breakout. Without any close above the level, then the bear will take full control and push the price down to test $1,280.

Today critical level to watch:

Support: $1,280

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

Silver follow gold moving down

Silver also on the path lower, distancing itself from $16.50 level. It is only a matter of time before $16.00 support tested. Will we see a breakout and close below the support level or a bounce from the level and start of a new bullish trend?

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil waiting for inventory data

U.S crude oil inventory data is due to release today. The inventory expected to decrease 1.1 million barrels in the previous week. Crude oil might come down to test $70.00 even though the trend is bullish. Traders could prepare near the support $70.00 and place long position when there is a bullish reaction.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00

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