Daily Oil, Gold, Silver Technical Analysis November 9, 2018

Gold time to flee

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The Fed effect is more significant for the market and brings U.S dollar upside. Most of the major instruments slide against U.S dollar and gold is no exception. The precious metal prints a lower low below $1,211 and could already enter the new bearish leg. If $1,200 support could not contain the selling pressure then it is better to let the price slide further downside.

Today critical level to watch:

Support: $1,200

Resistance: $1,210, $1,220, $1,234

Silver major breakout

A major breakout in Silver prices happen before the weekend. The price fell from the triangle pattern and $14.40 support level. Effectively, silver also prints fresh weekly low which could invite further selling. We might see the precious metal close near $14.00 by the end of the week and continue further downside next week.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00, $15.60

Crude oil time to switch to the long side?

It is the ninth consecutive bearish close in crude oil prices and the bear could add another bearish day to the streak. The only hope for the bull to reverse current bearish pressure is the support at $60.00. But, it might be a heavy task to reverse the bearish trend entirely as crude oil still moving inside the bearish channel. A bounce from $60.00 followed by a breakout above the channel is needed by the bull.

Today critical level to watch:

Support:  $60.00

Resistance: $61.79,$63.00, $65.00

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