Daily Oil, Gold, Silver Technical Analysis May 22, 2019

Gold flat day

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Daily Oil, Gold, Silver Technical Analysis May 22, 2019

The price has broken below $1,280 and continues making a lower low on the daily chart. However, the weakness of gold does not continue today and we have a flat day where the price traded near its opening level. At the end of the day, gold expected to continue its sideways movement and formed a harami pattern.

Today critical levels to watch:

Support: $1,265, $1,260

Resistance: $1,280, $1,300, $1,320, $1,325

Silver holding out at $14.40

Daily Oil, Gold, Silver Technical Analysis May 22, 2019

Silver price expected to weaken further after the close below $14.40. But, it seems the bull not ready to let go the level and we have silver traded above it today. The overall trend of silver is bearish inside the channel. We expect the price to continue moving inside the channel and bounce toward the top of the channel. Traders could look for short positions when the top of channel retest happen.

Today Critical levels to watch:

Support: $14.40, $14.00

Resistance: $14.80, $15.00

Crude oil bearish reversal

Daily Oil, Gold, Silver Technical Analysis May 22, 2019

Crude oil turned lower today on the higher than expect U.S oil stockpile report. The increase in the oil inventory and slump in global demand as U.S-China trade war intensifying cause oil to lose appeal. Under current bearish momentum, it seems the price will make another test on $60.00 support soon.

Traders might want to wait until the bearish pressure recedes before placing any long positions.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00

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