Daily Oil, Gold, Silver Technical Analysis November 8, 2018

Gold bounce from support?

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U.S dollar weakens after the midterm election but took the bear in surprise as it recovered all of the losses by the end of the day. Gold bull also caught in surprised and the price pullback toward $1,220 and red trendline. We might have a bounce from both support levels. However, The Fed will come into focus in the later session.

A hawkish outlook by The Fed is not good for gold bull and could push the price down inside $1,200 – $1,220 range.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240, $1,250

Silver no breakout

No break outside of the triangle range shown on the Silver daily chart means the precious metal still looking for direction. Today, there is an attempt to leave the bottom of the triangle and the bear keeping the pressure downside. Will we finally see a breakout and continuation of a bearish trend?

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil projection inside the channel

Another lower close bagged by crude oil bear which means no change in the outlook. Crude oil could continue moving lower inside the channel until it finds a floor to bounce. At the current time, we expect the price will reach $60.00 and make temporary bottom near the level.

Today critical level to watch:

Support:  $60.00

Resistance: $61.79,$63.00, $65.00

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