Gold testing broken resistance

Although gold has secured $1,300 and the outlook turns bullish, the precious metal hesitant to continue its upward movement. Instead, gold is currently testing the broken resistance which turned support at $1,300. There is initial bullish reaction today, and the price deflected upside, currently traded at $1,305.

The day has not ended yet, and traders could continue looking long position. Unless gold closed below $1,300, there is no change to current bullish outlook.

Today critical level to watch:

Support: $1,300, $1,280, $1,258, $1,250, $1,244

Resistance: $1337

Silver compression in price

Same outlook as the previous day, silver stick near $17.50 resistance level and there is no momentum to either side. The price is looking for the trigger, and tomorrow Non-farm employment data might produce volatility needed for next movement. Traders could continue to observe price movement at the resistance level.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.50, $17.73

Crude oil: Data did not help the bull

Despite the wider than expected deficit in U.S crude oil inventory which comes out at 5.4 million barrels deficit vs. 1.8 million barrels deficit, crude oil settled lower for the day. The bearish pressure building in the crude oil could not shake by the bull quickly. Currently, the price is moving up, but it looks like crude oil might turn lower before the day end. $45.30 is the nearest target to watch for the bear.

Today critical level to watch:

Support: $45.30, $45.00

Resistance: $46.50, $47.00, $47.31, $48.00