Gold waiting for trigger

Gold range gets tighter for the third day, and it looks like the range will continue gets tighter today. There is nothing to expect yet as the market waiting for central banks commentary at the Jackson Hole meeting. The gold trend is bullish, and it is waiting for a break above $1,300 which might happen after the meeting.

On the other hand, a reversal could bring the price back near the daily blue trend line.

Today critical level to watch:

Support: $1,280, $1,258, $1,250, $1,244, $1,240

Resistance: $1,300, $1337

Silver second day close above $17.00?

Silver closed above $17.00 in the previous trading session after subdued below it for several days. The price experience sell-off today but bought by the bull near $16.80. Currently, silver traded at $16.95 and looked for a close above $17.00. The close above $17.00 is positive for silver prices, but further upward movement might need to wait for Jackson Hole result.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.50, $17.73

Crude oil stay above trendline

Crude oil trend stays undecided after previous day EIA report show in line with expectation inventory report. The price moved higher and closed just below $48.50. Today, crude oil slipped below $48.00, and looks will test the trend line again.

Traders could wait until the price settled either below the trend line or higher above $48.50 before jump in position.

Today critical level to watch:

Support: $47.31, $47.00

Resistance: $48.00, $48.50, $49.00, $50.00