Daily Oil, Gold, Silver Technical Analysis May 23, 2019

Gold more ranging day

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Daily Oil, Gold, Silver Technical Analysis May 23, 2019

Gold price movement contained inside the Tuesday candlestick range and might have tighter range today. The price has not left the previous day range and hovering at the middle of $1,265 – $1,280. Traders will continue wait sideline, for now, looking for news trigger for the next movement.

Today critical levels to watch:

Support: $1,265, $1,260

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

Silver more consolidation at $14.40

Daily Oil, Gold, Silver Technical Analysis May 23, 2019

Not much change happened in silver price movement yet since the end of the previous week. The price stuck near $14.40 support level and closed near it for several days. A bounce might be imminent from the bottom of channel. If the bounce happens then traders could target the top of the channel and enter short positions when there are bearish reactions.

Today Critical levels to watch:

Support: $14.40, $14.00

Resistance: $14.80, $15.00

Crude oil further weakness

Daily Oil, Gold, Silver Technical Analysis May 23, 2019

The reversal of crude oil prices erased most of previous week gain and the price getting near $60.00 support level. We might see further weakness and traders might want to avoid long positions for now as the bearish momentum is strong.

Wait for bullish reaction near $60.00 and the trendline to confirm that the trend will reverse.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00

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