Gold waiting for interest rate decision

The price of gold continues its slide inside the $1,200 – $1,220 support area. It might touch $1,200 when ECB press conference later today. If there is no bounce from the support level, traders might see gold back into long-term bearish trend.

Today critical level to watch:

Support: $1,200, $1,184

Resistance: $1,220, $1,237, $1,244, $1,250, $1,280 – $1,300

Silver looking for support at $17.00

More weakness in silver price after it closed below trendline and also $17.50. The price is looking for support, and if $17.00 cannot provide the support, it will continue lower toward major support at $16.00.

Today critical level to watch:

Support: $17.20, $17.00, $16.75

Resistance: $17.50, $18.00, $18.50, $18.90, $19.00

Crude oil clean sweep

The sudden break lower in crude oil should scare away all weak bull and also trigger stop loss level. The more obvious the pattern, the more shake out the effect it was done. At current situation, bull traders could look for a long position at a cheaper price while waiting for possible W pattern and ride the upward movement in crude oil.

It is possible for the price to move lower than $50 and trigger the stop loss level further until $48.00 – $48.50 where it is the best level to look for long. Deeper correction lower than $47.00 is not favored.

Today critical level to watch:

Support: $50.50, $50.00, $49.60

Resistance: $51.93, $52.40, $54.50, $55.00