Daily Oil, Gold, Silver Technical Analysis November 15, 2019

Gold bearish reaction at the top of channel

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Gold managed to reach the level near the top of the channel. However, the price reacted bearishly today and we have a pullback. The precious metal might continue lower inside the bearish channel. At the current time, traders could place short positions with $1,430 or the SMA 200 as the target.

Today critical levels to watch:

Support: $1,450, $1,430

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

Silver contained inside $16.80 – $17.00

No breakout of $16.80 – $17.00 range yet. Silver dropped in today’s trading session and manage to reach $16.80. Currently, the price bounced from the support level and look will close the day near $17.00. We could expect further consolidation inside the range. However, if silver could not lift itself above $17.00 soon then we might expect further bearish pressure in the coming week.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil continue consolidation inside $55.80 – $57.60

Crude oil has yet to break above $57.60 resistance. The price continue its consolidation inside $55.80 – $57.60 range. There is bearish pressure yesterday near $57.60 which is normal. But we could see less bearish power compared to the previous reaction. Will crude oil finally breakout above $57.60 next week?

Today critical level to watch:

Support: $55.80, $54.50, $52.40

Resistance: $57.60

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