Daily Oil, Gold, Silver Technical Analysis September 11, 2019

Gold closed near $1,480 support level

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Gold continues under pressure yesterday after the price closed lower near $1,480 support level. Initially, the price fall but made recovery back near its opening level but at the end of the day, it settled lower. We have a bullish reaction from $1,480 today but it is too early to say a bounce has happened.

At the current time, gold might trade between $1,480 – $1,500 until next direction settled. As long as there is no close below $1,480, gold will continue its long-term bullish trend. A close below $1,480 will trigger further bearish correction toward $1,430 – $1,450.

Today critical levels to watch:

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

Resistance: $1,500, $1,550

Silver aiming $18.50 resistance

Silver produced a doji candlestick pattern yesterday after the test of $17.73 support level. It is a neutral pattern and we have initial bullish confirmation above the candlestick high. If silver could close the day above previous day high then we could expect it will target $18.50. Meanwhile, the precious metal might trade between $17.73 – $18.50.

Today Critical levels to watch:

Support: $18.00, $17.73

Resistance: $18.50, $20.00

Crude oil bearish close near $57.60

Crude oil managed to print higher highs on the daily chart but it could not close higher. Yesterday, the price closed at $57.84, not far from $57.60. Fortunately, no close below $57.60 means the price has a chance to continue higher. Currently, the price is testing $57.60 support level and looking for a bounce.

Today critical level to watch:

Support: $57.60, $55.80

Resistance: $59.50 – $60.00

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