Daily Oil, Gold, Silver Technical Analysis November 14, 2017

Gold possible bullish channel

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Gold bear drives the price down today, but the bull return near the bottom of the channel shown on the daily chart. The bullish channel seems valid and might become gold next area of movement. On the upside, $1,280 stay as resistance to break for the bull. Overall, the situation is neutral, and it is better to enter position either at the top of channel or bottom of the channel.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337, $1,390

Silver continue sideway between $16.80 – $17.00

Silver movement trapped between $16.80 – $17.00. The price stays inside the range and shows no interest to move outside of it yet. Traders could continue to use this situation to trade the range.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.20, $17.50, $17.73

Crude oil time for correction

Correction is due for crude oil prices as it crosses below its current consolidation area. If the prices continue lower, it will target the black trendline and $52.40 broken resistance level. Traders could look for long position when the price move near both levels.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $60.00, $62.50.

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