Daily Oil, Gold, Silver Technical Analysis November 12, 2019

Gold no change to the outlook

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Gold continues its downward movement inside the bearish channel. The outlook continues bearish and traders will continue to avoid long positions for now. Without any change to the direction, gold might reach $1,430 or the bottom of the channel in the medium-term.

Today critical levels to watch:

Support: $1,450, $1,430

Resistance: $1,480, $1,500, $1,550

Silver maintain the position near $16.80.

Silver closed near $16.80 and avoided further break lower in the price. However, the precious metal still at risk of further weakness toward $16.50. At the current time, there is no bounce yet from the trendline support level. Traders will wait for more reactions from the market.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil more consolidation inside $55.80 – $57.60

No breakout from the $55.80 – $57.60 and crude oil expected to continue its ranging movement for now. Traders could continue to apply ranging strategies while waiting for a breakout. Currently, we favor the bullish breakout scenario as crude oil continues testing the resistance level.

Today critical level to watch:

Support: $55.80, $54.50, $52.40

Resistance: $57.60

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