Gold no major correction

Fell in Friday trading session, gold did not continue the decline in Monday trading session. Instead, it starts moving up again in the Tuesday session. There is no major news to watch today which might lead the price of gold sideway. Looking on the daily chart, it looks like gold might not follow the test of red trend line scenario.

Nevertheless, traders might want to wait for either a break above $1,269 or below $1,255 before placing position.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver pointed upside

The downward movement of silver stopped right before $16.00 support level. The price formed small pin bar pattern which is bullish and the bull followed through today by moving the price above the high. There is no conclusion yet on the final direction of silver as the price still hovering in the middle of $16.00 – $16.80.

Expect little movement in today trading session and low volatility until major news release on Thursday.

Today critical level to watch:

Support: $16.00, $15.61, $15.00

Resistance: $16.50, $16.80, $17.00

Crude oil forecast: continue ranging

Crude oil stuck inside the range between $48.50 – $50.00 as forecasted. There is nothing to do except trading the range until it breaks out. Meanwhile, we expect further break out upside, and crude oil inventory report might be the catalyst.

Today critical level to watch:

Support: $48.50, $48.00, $47.31

Resistance: $49.00, $50.00