Gold continues sideway

There is no change to the direction of gold prices yet as the price continues trading sideways. However, there is the release of the FOMC minutes of the meeting today. The event might create volatility in the market and gold prices might break out from the $1,900 – $1,950 area. Traders will continue waiting for the breakout from the range to determine gold prices’ next direction.

Today critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,953, $2,000, $2,074.69

Silver moving toward yellow box area

Silver prices attempted breakout above $25.00 but received a rejection. The price closed lower at the end of the day and might resume the weakness toward the yellow box area. Traders will monitor the price reaction near the yellow box area. If the price could bounce from the level with a strong bullish reaction then traders could enter long positions.

Today’s Critical levels to watch:

Support: $23.90, $23.00

Resistance: $25.00, $26.00, $27.50

Crude oil no breakout yet

Crude oil prices upward attempt resulted in bearish rejection near $106.00. The price stays inside the triangle pattern without breakout yet. We might see the continuation of consolidation for now and it is better to wait for a breakout before entering major positions. Nevertheless, we still think the trend is bullish and favor long positions more than short positions.

Today’s critical level to watch:

Support: $100.00, $90.00

Resistance: $106.00, $130.00