Gold test upper range of consolidation

Another sideway for gold, but this time it attempts a rally and touches the top part of its consolidation range. The price rejected and stay lower below $1,180. With the ECB conference on the schedule today, the price of gold might breakout from its current range.

Today critical level to watch:

Support: $1,170, $1,166, $1,160

Resistance: $1,177, $1,180, $1,190, $1,200, $1,220

Silver looking for bullish chance

Decent rally in Silver successfully brought the price to close above $17 resistance level. Depend on the price reaction today; silver might continue its rally inside the bullish blue channel. However, if the market produces bearish candlestick at the current level, it will sign for a continuation of the bearish trend.

Today critical level to watch:

Support: $17.00, $16.75, $16.50, $16.40, $16.00, $15.80

Resistance: $17.20, $17.50

Crude Oil flirting near $50

The bullish trend in crude oil is under major test as the price flirting near the broken $50 resistance. The Bigger deficit of 2.4 million barrels in oil inventories compared to expected 1.4 million barrels deficit could not turn the bearish view Yesterday.

Crude oil needs to stage another rally and form a bullish pattern at the current level. Otherwise, all bullish attempt from OPEC production cut policy will be meaningless.

Today critical level to watch:

Support: $50.00, $48.00, $47.00

Resistance: $51.93, $52.50