As long as you can’t break through this level, the gold price is afraid to drop! Gold, silver and oil futures analysis

Spot gold rebounded slightly on Friday, trading around $1,553 an ounce.

gold

Gold remained in a tight range, still below $1,556.70 / oz, so the bearish trend scenario has not changed.

As long as it stays below $1,556.70 an ounce, the outlook for gold remains bearish.

The first target for gold is $1536.50 / oz, a break below which would confirm continued bearish moves to $1519.00 / oz.

silver

From the 4-hour chart, silver hovers around EMA 50 and remains above $17.90 an ounce, keeping the bullish scenario in force with the main target at $18.38 an ounce.

It is important to note that if silver falls below $17.90 an ounce, this will put another negative pressure on silver with an initial target of $17.60.

WTI crude oil

WTI showed no signs of strength and continued to move around the $58.00 / BBL mark.

As long as it stays below $59.50 / BBL, the bias is still toward lower oil prices, with a target of $57.40 / BBL. A break below that level would confirm a continuation of the bearish trend to $54.60 / BBL.

It is important to consider that if oil breaks $59.50 / BBL, this will push oil to test the most important resistance level at $60.90 / BBL before trying to fall.

Leave a Reply

Your email address will not be published. Required fields are marked *