Daily Oil, Gold, Silver Technical Analysis October 12, 2017

Gold a stone throw to $1,300

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The upward movement of gold slowly thread higher and nearly reached $1,300 handle. There is no obstacle yet for the bullish move and gold just $5 lower from $1,300. Most of the time, it will reach the barrier level and decide where it will move next.

Today, there is high impact news from U.S PPI data and ECB President Mario Draghi speech. Traders might see some volatile movement after the news release.

Today critical level to watch:

Support: $1,280, $1,258, $1,250

Resistance: $1,300, $1337, $1,390

Silver looks to add gain

The silver cross above $17.00 bring more bulls, but the price stuck near $17.20. It might consolidate and wait for the trigger to either move higher or fall lower below $16.80.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.50, $17.73

Crude oil short clear out

Crude oil is mostly positive after the price claimed $50.00 since the bounce from red trendline. However, the previous day candlestick show possible rejection from black trendline. Currently, the price might fall to $50.00 under profit taking before the U.S crude oil inventory. No clear direction yet and traders could monitor price reaction near $50.00 after the release of inventory data.

Today critical level to watch:

Support: $50.00, $49.00, $48.50

Resistance: $51.00, $51.20, $51.30, $52.40

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