Daily Oil, Gold, Silver Technical Analysis | October 13, 2021

Gold more sideways trading

Gold prices trading upward yesterday and managed to close the day higher. However, the upward movement has no strong momentum and we might see further consolidation. The same as yesterday, traders will continue waiting for momentum movement and price close either above daily SMA 200 or below $1,680 to confirm the next long-term direction.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800, $1,850

Silver more neutral close

The consolidation in silver prices is set to continue as the price continues making neutral closes. We will continue waiting for either a close above the yellow box area or below $21.35 to determine silver prices next direction. Meanwhile, it is better to stay sideline with small positions only.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil harami pattern

Crude oil prices attempted to continue its upward movement yesterday. The price closed near the opening level at the end of the day and produced a harami pattern. Traders will expect the bullish trend to continue. However, if a bearish correction happens then the $77.13 support level could be used as a level to enter long positions.

Today critical level to watch:

Support: $77.13, $70.00, $67.20

Resistance: $82.72

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