Daily Oil, Gold, Silver Technical Analysis September 12, 2019

Gold to consolidate between $1,480 – $1,500

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The weakness of gold stopped yesterday and we have a bounce from $1,480 support level. Gold expected to consolidate between $1,480 – $1,500 until breakout happens. We think today ECB will incite movement in gold and the price might jump above $1,500 handle to target $1,550.

Traders will wait until the news release to get better confirmation. Alternatively, placing long positions near $1,480 with tight stop order might become an option, traders could take.

Today critical levels to watch:

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

Resistance: $1,500, $1,550

Silver closed at the middle of $17.73 – $18.50

Silver is waiting for the next direction as the precious metal settled at the middle of $17.73 – $18.50 range. It might continue upward and test the resistance level. But it could fall and extend its decline below $17.73 too. No clue on the next direction yet, traders might want to be cautious as ECB rate-decision loom.

Today Critical levels to watch:

Support: $18.00, $17.73

Resistance: $18.50, $20.00

Crude oil slip back inside the bearish channel

Crude oil return to the bearish track after the price slip below $57.60 support level and the top of the channel. It closed inside the bearish channel which confirms the continuation of a bearish trend. At the current time, crude oil supported by $55.80 support level and will attempt to test the top of the channel.

Today critical level to watch:

Support: $55.80

Resistance: $57.60, $59.50 – $60.00

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