Daily Oil, Gold, Silver Technical Analysis September 14, 2018

Gold stays above $1,200

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The gold bull trying hard to maintain the price above $1,200 broken resistance and the result is fruitful. Currently, gold traded between $1,200 – $1,210 and slowly turn into a neutral situation. As long as the bull could maintain the price above $1,200 or bring it above $1,210 by the end of the week, then it is possible the price could continue higher toward $1,220 in the coming week.

There is no reason to place a long position yet as the price is testing resistance area. If the price closed below $1,200 then traders could start looking for a short position.

Today critical level to watch:

Support: $1,200, $1,189.20, $1,160

Resistance: $1,210, $1,220

Silver stay inside the box

Silver traded sideways inside the yellow box area and will continue its ranging movement. There is no change to the situation, however, there is bullish sentiment brewing in the world after U.S-China reinitiation of trade talk. If the situation proceeds smoothly then silver has the opportunity to bounce.

Note: Overall trend of silver is bearish and suggesting long position is countertrade position.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil to trade inside the triangle

Crude oil drifted lower after the $70.00 test and showing rejection from the resistance. The downward movement could continue until it reaches the red trendline. Traders could use the moment to trade the triangle range formed on the daily chart until the breakout happened. We still favor upside in crude oil price as OPEC member might have trouble to fill the gap in supply after Iran sanction.

Today critical level to watch:

Support: $67.20, $65.78, $65.00

Resistance: $70.00, $72.50

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