Daily Oil, Gold, Silver Technical Analysis | October 03, 2022

Gold upward pressure toward $1,680 – $1,700

The bearish pressure on gold prices has subsided and the price currently undergoes a bullish correction. Traders will monitor the price movement near the $1,680 – $1,700 area. If the price could close above the area then the bullish movement could continue toward $1,780 – $1,800 area. On the other hand, if the price get rejected then we might see bearish continuation.

Today’s critical levels to watch:

Support: $1,600, $1,585

Resistance: $1,680, $1,700, $1,780, $1,800

Silver trading upward to $20.00

Silver prices managed to bounce from the $18.50 support level. The price currently moving upward and set to target the $20.00 handle. If the price could climb and close above $20.00 then we might see a bullish continuation toward the $21.35 handle. On the other hand, a bearish rejection might confirm further consolidation between $18.50 – $20.00.

Today’s Critical levels to watch:

Support: $18.50, $17.73, $17.50, $16.00

Resistance: $20.00, $21.35

Crude oil is set to test $85.00

Crude oil prices building more bullish momentum and currently trading near the $85.00 handle. The price soon will test the level and traders will wait for reactions. If the price gets rejected then we will see a bearish continuation to target the level below $77.13. On the upside, the price needs to climb above $90.00 and $100.00 to confirm a bullish reversal.

Today’s critical level to watch:

Support: $77.13

Resistance: $80.00, $85.00, $90.00, $95.25

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