Gold dragged lower, but recover

The bear attempt to push the price lower today and manage to bring gold to as low as $1,262. This situation does not take long as the bull come into the market and push the price back to the opening level $1,269. The outlook for gold continues bullish, and it will reach $1,280 – $1,300 resistance soon.

Bullish sentiment from Asian and European session bring equity market higher and put more pressure on U.S dollar. As long as U.S dollar continue lower, there is more room upside for gold.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver no improvement

The situation in silver continues under stalemate condition between the bull and the bear. There is no sign of breakout above $16.80, and there is no sign of rejection. The market is waiting for job data on Friday which may be the reason why the price has not move yet.

Today critical level to watch:

Support: $16.50, $16.00, $15.61, $15.00

Resistance: $16.80, $17.00

Crude inevitable rejection

After moving up for seven days, crude oil might finally experience a change of direction. The price initially moves higher above $50 handle, but in U.S trading session loss mount and accelerate to bring the price to $49.48. It is a normal correction and might extend lower toward $48.00 – $49.00 area. Traders could look for long position when the downward pressure diminished.

Today critical level to watch:

Support: $49.00, $48.50, $48.00, $47.31

Resistance: $50.00