Daily Technical Analysis: Gold And Oil Prices Jump on the First Trading Day of June

Oil prices are dropping slightly in today’s trading session and it’s currently hovering around the dynamic support of moving average MA(30). Short term support level to watch out for is $62.50. Falling below this level and closing on the hourly chart warns of more declines toward the gap at $61.70

MACD shows bearish momentum. If price remains above $63.00 level today, it’s positive for oil this week.
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