Gold continues sideway

There is not much movement from gold bull and bear. The price continues moving inside $1,280 – $1,300 range and waiting for next direction. The bias stays bullish, and traders could look for long position near $1,280. Today, the market mostly sideway after ECB President Mario Draghi speech and we could expect gold continue rangebound.

Euro, on the other hand, gained after the speech. If U.S dollar weakens, there is possibility precious metals will advance.

Today critical level to watch:

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

Resistance: $1,300, $1337

Silver waiting for trigger

Similar to gold, the price of silver trapped inside a range of $16.80 – $17.00. There is nothing to expect yet, traders who hold long position could continue to do so until the price moves out of range.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.50, $17.73

Crude oil no winner from both side

Crude oil made two unexpected movements, instant jump, and quick drop. The price back near the opening level and stay well above its trendline. There is no conclusion on next direction, and crude oil inventory data might provide some clue where crude oil will head to. The expectation is 3.3 million barrels deficit reported.

Today critical level to watch:

Support: $47.31, $47.00

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