Gold no change in outlook

The advance of gold toward $1,280 – $1,300 on progress and traders from both sides might not have an opportunity to place more position until either $1,280 or $1,250 hit. There is not much to analyze at the current level which is a good time for traders to look for opportunity in another instrument.

For short-term traders, a pullback in gold could be used as an opportunity to place long position.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver higher high, mild rejection

Silver made another attempt on $16.80 – $17.00 resistance and printed higher high. Unfortunately, the price rejected immediately back below $16.80 resistance. Currently, there is the possibility of pullback toward $16.00 support level before further upside. The trigger for correction is a close below previous day low.

Today critical level to watch:

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

Resistance: $16.80, $17.00

Crude inevitable rejection

Crude oil made an inevitable correction yesterday to close between $48.50 – $49.00. It is a normal correction after a rally from $45.30 – $50. The bull currently maintains position above support $48.50 which is a good sign. Today, the market will wait for crude oil inventory report. The estimate is 3.2 million barrels deficit if the deficit shows higher number, it is good confirmation for upward movement in crude oil.

Today critical level to watch:

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

Resistance: $50.00