Daily Oil, Gold, Silver Technical Analysis May 24, 2019

Gold return above $1,280

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Daily Oil, Gold, Silver Technical Analysis May 24, 2019

The bull made a surprise jump in gold prices and manage to bring the price back above $1,280. Today, there is not much movement and the price stays above $1,280 and the top of the channel. If gold could maintain the position above both levels then we will see a further rally in the coming week.

Today critical levels to watch:

Support: $1,280, $1,265, $1,260

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

Silver bounced from $14.40

Daily Oil, Gold, Silver Technical Analysis May 24, 2019

The consolidation at bottom of channel and support $14.40 ended in the previous day after silver launch from both levels. Today, there is follow through by the bull yet but silver has the potential to extend its bullish movement toward the top of the channel. Next week, traders could observe the price movement and continue with bearish outlook as long as the price stays inside the channel.

Short positions near the top of the channel might be the best options traders could take.

Today Critical levels to watch:

Support: $14.40, $14.00

Resistance: $14.80, $15.00

Crude oil under pressure

Daily Oil, Gold, Silver Technical Analysis May 24, 2019

The bearish pressure on crude oil pushed the price lower to close below $60.00. It managed to hit $57.60 support level before made a bounce. No hope for the bull to reverse current bearish pressure yet and we could expect crude oil continue lower to $54.50 – $55.00 for now.

Today critical level to watch:

Support: $57.60, $55.80

Resistance: $60.00, $65.00, $67.20, $70.00

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