Daily Oil, Gold, Silver Technical Analysis | September 16, 2020

Gold more consolidation near $1,950

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Gold prices attempted to move higher yesterday but failed and closed the day as a bearish pin bar. There is no bearish follow-through yet today. Gold prices seem will continue consolidation inside the triangle pattern and waiting for breakout. Traders will use $1,950 as another reference for confirming breakout direction.

Today critical levels to watch:

Support: $1,950, $1,900, $1,800

Resistance: $2,000, $2,050

Silver pin bar close

Silver printed higher high on the daily chart, however, the price formed a pin bar pattern. No confirmation yet where the price will move next. At the current time, traders will expect silver to continue its consolidation near the $25.00 – $26.00 and inside the triangle area.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00, $31.50

Crude oil testing the $38.50 – $40.00 area

Crude oil closed near the $38.50 with moderate bullish pressure. Today, the price continue moving upward inside the $38.50 – $40.00 area. If the price could close above $40.00 then the bearish scenario cancelled. On the other hand, if the price rejected strongly from the area and close below $38.50 then we might see bearish continuation.

Today critical level to watch:

Support: $33.00, $30.00

Resistance: $38.50, $40.00, $49.00, $50.00

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