Daily Oil, Gold, Silver Technical Analysis October 9, 2019

Gold return above $1,500 look to add gain

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The bearish close on the gold daily chart has no follow-through by the bear. Yesterday, the price return above $1,500 and suggesting further upside. Fundamentally, the development of trade war issue between U.S and China is the main factor which incites the bullish movement. Both parties might settle for another no deal.

Gold price expected to consolidate between $1,500 and the top of the channel while waiting for a breakout.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver set to challenge upper trendline

Silver reversed its bearish pressure and secure a close inside $17.50 – $17.73 range. The precious metal continues its upward movement today and set to test the top trendline soon. Traders will observe the price reaction at the resistance and might enter short positions when there is a major bearish reaction.

Today Critical levels to watch:

Support: $17.50, $17.00, $16.80, $16.50

Resistance: $17.73

Crude oil closed above $52.40

Crude oil is at the risk of further bearish movement as the price testing $52.40 support level. It initially fell below the support level but manage to close the day above the support level. As long as there is no close below $52.40, crude oil might bounce toward $54.50.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.80, $57.60

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