Daily Oil, Gold, Silver Technical Analysis | May 23, 2022

Gold surpasses $1,850

Gold prices are building bullish pressure after bouncing from the $1,780 – $1,800 area. The price is currently climbing above the $1,850 resistance level and might extend the upward movement toward $1,900. Traders will monitor the price reaction when it reaches the resistance level. If the price gets rejected from the $1,900 level, we might see another bearish attempt on the $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,953

Silver continue upward

Silver prices have returned above $21.35 and maintain a position above the level. The price currently attempting to continue the bullish movement toward the $23.00 – $23.90 area. Traders will monitor the price reaction near the $23.00 – $23.90 area. If the price gets rejected and start moving lower again then we might see a retest on the $21.35 support level.

Today’s Critical levels to watch:

Support: $21.35

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

Crude oil maintains its position above $106.00.

Crude oil prices continue to maintain the level above the $106.00 handle. There is no bullish continuation yet but traders will expect the price to maintain bullish pressure as the conflict between Russia-Ukraine unresolved. Moreover, the current situation is also influenced by the situation in China. Covid lockdown means less demand for oil for production. However, when the lockdown is finished, traders will expect more bullish pressure on crude oil prices.

Today’s critical level to watch:

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

Resistance: $130.00

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