Gold bullish pin

The pullback in gold price ends up as bullish pin bar which blown the bear away. Bullish pin bar means there is the possibility of a higher move toward the resistance area $1,280 – $1,300. Fortunately for the bear, there is U.S job data today which could sweep the market to opposite direction of the pin.

Nevertheless, we are bullish on gold until the price reaches $1,280 – $1,300 or if the price closed back below $1,250.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver closed as bullish candle, price testing previous day high

Silver tested the bearish engulfing pattern formed on Wednesday trading session and produce a false break. It is significant for the bull as the perma-bear currently trapped below the bearish engulfing breakout level. This perma-bear stop might place their stop above $17.00 and should fuel short squeeze if the news support higher breakout.

Traders could look for a long position above the previous candle high with a stop below the candle low.

Today critical level to watch:

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

Resistance: $16.80, $17.00

Crude oil losing gas

The short-term outlook for crude oil still positive, but the price of black gold seems losing altitude slowly. Currently, there are multiple lows formed near $48.50 and protected the price from downward pressure. However, judging from the chart, crude oil might break the support level today and move lower to test $47.00.

Although it is possible for the price to move lower, it is better to look at the closing price before jumping to a decision.

Today critical level to watch:

Support: $48.50, $48.00, $47.31

Resistance: $49.00, $50.00