Daily Oil, Gold, Silver Technical Analysis October 11, 2018

Gold time to shine

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U.S bond yield climb to new height crippling the market confidence. We witness drop in equity market at the same time as U.S dollar tumble. Both events are no common and we also see a jump in gold prices. It seems once again gold function as a hedge when fear and uncertainties mounting on the play.

Gold jump above $1,200 and ready to test the broken triangle. There is strong bullish momentum in the upward movement which suggests the movement might start a new long-term rally.

Today critical level to watch:

Support: $1,200, $1,188, $1,160, $1,131.18

Resistance: $1,210, $1,220

Silver stick near $14.40

Unlike gold, the price of silver stalled near $14.40 and extend the consolidation. No breakout higher from the level but the bull currently make an attempt to break it. Traders will observe silver closing level at the end of the day to determine whether rejection or breakout happens.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil continued downside

Higher projection of U.S oil production helped the bear to bring crude oil prices down. Technically, it will touch $71.39 soon and we could expect some reaction near the level. Long position when bearish momentum recedes and a bullish pattern formed near $71.39 is what the bull traders will watch.

Today critical level to watch:

Support: $71.39, $70.00

Resistance:  $74.04, $74.80, $75.00

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