Gold under pullback

Gold prices experience sell-off today before BOE super Thursday announcement. Although bearish, traders advised to stay sideline and place position after the BOE announcement or wait until U.S job data release. Gold might move back and close near the opening prices and confirm more bullishness.

Meanwhile, the price moving below previous day low and expected to hover near the level.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver drifted lower after bearish engulfing pattern

Generally, we will sell after bearish engulfing pattern appears on the chart, but the appearance of the bearish pattern coincide with BOE rate announcement. Traders might want to assess price movement after the news before placing position as the price could move either way sharply.

Similar to previous day analysis, $16.00 is the level to look for the long position if the price attempt to move lower.

Today critical level to watch:

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

Resistance: $16.80, $17.00

Crude oil supported at $48.50 aim higher

Sell-off from $50 could not breach $48.50 support level, and the bull manages to bring the price higher. Currently, crude oil hovering just below $50 to test it again. Previous day inventory report shows narrower deficit than expected. EIA reported a decline of 1.5 million barrels compared to 3.2 million barrels decline expectation. The price expected to move between $48.50 – $50.00 before next breakout.

Today critical level to watch:

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

Resistance: $50.00