Daily Oil, Gold, Silver Technical Analysis | November 24, 2021

Gold testing the daily SMA 200

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The bearish correction in gold prices has brought it down to close inside the $1,780 – $1,800 area. Gold prices also closed near the daily SMA 200 and were set to test it. If the price could bounce with strong bullish momentum then the bullish trend is set to continue. Traders could use the daily SMA 200 as a place to enter long positions.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,953, $2,000

Silver pullback inside the yellow box area

Silver prices also experienced bearish pressure and closed inside the yellow box area yesterday. The price might consolidate inside the area, for now, waiting for a breakout. If the price could close above the yellow box area then there is a chance for a retest on the $25.00 – $26.00 area. On the upside, the price needs to close above $26.00 to continue its bullish trend.

Today Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil bounce from $77.13

Crude oil prices close below $77.13 but it is only for a brief time. A bounce happened from $77.13 and the price is expected to continue its bullish trend to target $85.00 and the level above it. Traders will continue to hold long positions for now with a stop below the previous swing low.

Today critical level to watch:

Support: $77.13

Resistance: $82.72, $85.00, $90.00

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