Daily Oil, Gold, Silver Technical Analysis | October 19, 2020

Gold more consolidation near $1,900

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Gold prices could not add gain last week. The precious metal mostly under pressure and settled near the $1,900 support level. This week, the price is expected to continue its consolidation near the $1,900 and waiting for the trigger to move.

If the price makes a major bearish turn from the $1,900 handle and formed a lower low then traders will expect bearish continuation toward the $1,850 and $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver rejected from the $25.00 – $26.00 area

Silver prices moved lower in the previous week trading session. The price was rejected from the $25.00 – $26.00 area and closed near the bottom of channel as shown on the daily chart. This week, silver prices are expected to continue trading inside the bullish channel.

If the price close below the channel then traders will expect bearish continuation toward $21.35 and $20.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil not much reaction from the $38.50 – $40.00 area

Crude oil price stick near the $38.50 – $40.00 area without a new higher high or lower low printed on the chart. Similar to the previous week’s analysis, traders will wait for momentum movement from the $38.50 – $40.00 area before deciding on placing positions.

Today critical level to watch:

Support: $40.00, $38.50, $33.00, $30.00

Resistance: $49.00, $50.00

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