Daily Oil, Gold, Silver Technical Analysis October 22, 2018

Gold consolidation above $1,220

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The price of gold pulled back on Monday as U.S dollar strengthen. The situation on Saudi Arabia, Italy ignorance of budget warning put the global market on the pullback. Gold could not escape the bearish situation but maintain the level above $1,220.

If the precious metal could sustain the selling pressure and close the week above $1,220. We could see an upward continuation toward $1,230 – $1,240 in the coming week.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240

Silver to test $14.40 again?

Monday opening, leading silver price down but the price not moving too far from the opening level. The precious metal following the global market trend and could make a lower move to test $14.40 this week. There is no direction yet even though previous week silver bounce from the support level. Traders will continue to monitor the price movement near $14.40 this week.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil hanging near red trendline

Crude oil ends the week barely above red trendline and starts the week by sliding below previous week low. It is a bearish situation and the bear has a strong grip on the price. The range expected to span between $67.20 – $70.00 this week. When there is a test on $70.00, traders could consider a short position. A close above $70.00 will cancel bearish outlook.

Today critical level to watch:

Support: $68.00, $67.90, $67.00

Resistance:  $70.00, $71.39, $74.04

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