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

Gold closed near $1,480 support level

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

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

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

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

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

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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