Gold tighter range for the third day

Gold prices tighten for the third day inside previous day range. Most of the time after the consolidation there will be an explosive movement to either side. We are waiting for a burst upside after the consolidation, and there is possible trigger today from Yellen and Draghi speech.

Depend on the speech, if the price range continues to tighten today, expect big explosive moment in the coming week.

Today critical level to watch:

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

Resistance: $1,300, $1337

Silver another close inside $16.80 – $17.00

Consolidation also happened in silver as the price continues flipping inside $16.80 – $17.00. Even though Wednesday prices closed above $17.00, it canceled by Thursday close. Traders could expect the price continue moving between $16.80 – $17.00.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.50, $17.73

Crude oil in wait mode

The market is in the waiting mode in other financial instruments also in crude oil. The price formed a triangle consolidation and stuck near the daily trendline formed since June 2017 low. Expect the price continue stick near the trendline until next momentum candlestick

Today critical level to watch:

Support: $47.31, $47.00

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