Daily Oil, Gold, Silver Technical Analysis May 21, 2020

Gold pushed lower today

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The bullish movement of gold continues yesterday but without strong momentum. The price currently under pressure and start moving lower. We have the low of the bearish pin bar as the focus. If the price could close below the candlestick low then traders will expect the start of bearish correction toward $1,680 – $1,700.

Today critical levels to watch:

Support: $1,700, $1,680, $1,650, $1,600

Resistance: $1,750, $1780

Silver rejected from $17.50 – $17.73 area

The price of silver extended its bullish close, but no close above $17.50 – $17.73 area. Today, the price gets rejected from the resistance area and falls below the previous day low. It seems silver might move lower to test $16.80 – $17.00 soon.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50, $17.73

Crude oil more bullish pressure toward $40.00

Crude oil bullishness continue and currently cross above $33.00 resistance easily. The price might be able to continue moving upward and target the $40.00 resistance level. No change in the analysis, traders who want to enter long positions will wait for a bearish correction before entering positions.

Today critical level to watch:

Support: $33.00, $30.00

Resistance: $40.00

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