Daily Oil, Gold, Silver Technical Analysis | May 20, 2022

Gold closed above the daily SMA 200

The upward movement of gold prices managed to print a close above the daily SMA 200. Traders currently observing the $1,850 resistance level. If the resistance level is broken to the upside then gold prices will continue toward the $1,900 resistance level. On the other hand, if gold prices start moving lower again and close below $1,780 then the bearish trend is set to continue.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver bounced from $21.35

Silver prices bounced from the $21.35 support level and are set to continue moving upward to target the $23.00 – $23.90. Traders who have long positions will place stop orders below $21.35, the previous swing low or below $20.00. As the trend might have turned bearish, traders will stay careful when silver keeps moving below $26.00.

Today’s Critical levels to watch:

Support: $21.35

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

Crude oil bounced from $106.00

The test on $106.00 support level resulted in a bounce. Crude oil prices move upward again and currently trading near yesterday’s high. If the bullish pressure is maintained then traders will expect crude oil prices to continue the bullish movement toward $130.00 resistance level.

Today’s critical level to watch:

Support: $106.00, $100.00, $95.25, $90.00

Resistance: $130.00

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