Daily Oil, Gold, Silver Technical Analysis October 13, 2017

Gold hesitant before $1,300

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Gold movement halted just below $1,300 even though the price closed higher on the previous day. The bull needs a close above $1,300 to incite more rally in gold, but it looks like the precious metal ready for mini-correction before another push upside.

Overall, the trend stays bullish, and a drop in price is an opportunity for traders to place long position. However, another close below $1,280 is not welcomed and could serve as long position exit trigger.

Today critical level to watch:

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

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

Silver up, but back to its opening level

Bullish sentiment in silver followed through by the bull today, and the price surpassed $17.20. However, when this article was written, silver losing momentum and return to its opening level. This is not an optimistic sign and could trigger selling if the price proceeds below current daily low. It is midday of Friday trading session, and anything could happen.

On the downside, $17.00 is prospective level to look for a long position.

Today critical level to watch:

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

Resistance: $17.20, $17.50, $17.73

Crude oil persistence of the bull

The bull made another case for upside after crude oil recovers most of its losses and close inside Wednesday range. Today, the price is hanging at high, and looks will break higher in U.S session. Previous day U.S crude oil inventory data was the trigger for current upside move as the inventory shrink 2.7 million barrels compared to 1.9 million barrels shrinkage expectation.

$52.40 is the initial target of current up movement where traders could look for a short position if the price could not surpass it.

Today critical level to watch:

Support: $51.20, $51.00, $50.00

Resistance: $52.40

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