Daily Oil, Gold, Silver Technical Analysis May 28, 2020

Gold tested the support $1,700

Free $100 Forex No-Deposit Bonus

Gold prices decided to make bearish correction toward $1,680 – $1,700 area. The price pressured the area yesterday but ended with a bullish pin bar pattern. Today, there is bullish follow-through above the candlestick high. If gold could continue to maintain the bullish pressure then traders will expect the precious metal moving higher to target $1,780.

Today critical levels to watch:

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

Resistance: $1,750, $1780

Silver consolidation between $17.00 – $17.50

Silver prices managed to continue its bullish movement above the $17.00 level but could not surpass $17.50 – $17.73 area. The price currently making consolidation inside the $17.00 – $17.50 area. Traders will wait for the breakout of the area to determine the next direction. We still think the price will make bullish breakout and continue its bullish trend.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50, $17.73

Crude oil closed below $33.00

There is no change to the crude oil short-medium-term bullish trend yet. The price is making further upward movement last week. However, the price currently facing $33.00 resistance and closed bearish yesterday. The price may move lower and test $30.00 handle. On the other hand, we still think crude oil could continue further upward to close the gap around $40.00.

Today critical level to watch:

Support: $30.00

Resistance: $33.00, $40.00

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.