Daily Oil, Gold, Silver Technical Analysis May 16, 2019

Gold consolidation at $1,300

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The upward movement of gold paused when it tested the $1,300 resistance. At the current time, the price is in consolidation mode and hovering near the resistance. We expect the precious metal to bounce up and down near $1,300 until breakout happens. If gold could move down and reach the trendline then traders could add long positions.

Today critical levels to watch:

Support: $1,280, $1,265, $1,260

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

Silver no reaction near $14.80

Silver traded sideways near the $14.80 resistance and there is not much reaction seen yet. Traders could expect the price to continue its consolidation near the resistance until it reaches the top of the channel. Next direction of silver will depend on the reaction near both resistances.

Today Critical levels to watch:

Support: $14.40

Resistance: $14.80, $15.00, $15.20

Crude oil started a bullish leg

Crude oil stopped its downward movement before it could reach $60.00 support level. It effectively started a new bullish leg as the price currently climbs above previous day high. We expect crude oil to reach $65.00 on the medium-long-term outlook.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00

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