Daily Oil, Gold, Silver Technical Analysis September 14, 2017

Gold further lower, formed bearish engulfing pattern

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The gold price might continue further lower today after Wednesday trading session produces a bearish engulfing pattern. There is news from BOE today on interest-rate which might infuse volatility into the market. Also, U.S also due to report CPI data later.

Traders could expect gold price stabilize before the news release and move after it. The possible scenario is a downward movement toward support trend line and bounces from it. Another scenario is gold gradually move lower toward $1,300 after today news.

Today critical level to watch:

Support: $1,300, $1,280, $1,258

Resistance: $1337, $1,390, $1,400, $1,430

Silver open for more downside

The completion of upward movement after silver touch the top of the channel, bring the precious metal lower. Currently, it is near the bottom of the channel and will test it soon. If the bull could hold the ground and form a bullish pattern close above $17.73, traders might see continuation toward $18.50. Otherwise, a close below the bottom of the channel might hinder bullish sentiment and trigger correction toward $17.00.

Today critical level to watch:

Support: $17.50, $17.00, $16.80

Resistance: $17.73, $18.00, $18.50

Crude oil crucial moment

The upward movement of crude oil is testing the previous swing high and getting near $50.00 handle. There is red long-term bearish trend line which consistently holds the price from further upside. Crude oil, need a close above $50.00 and the trend line to change the long-term trend into neutral. Traders will wait for test result and jump in as soon as a pattern emerges near the resistance level.

Today critical level to watch:

Support: $48.50, $48.00, $47.31

Resistance: $50.00

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