Gold downside break

Gold printed lower close outside of the blue consolidation range but maintained the price close above 25 November low $1,170. Today the price tried to push lower, it was successful until the bull flips the trend and bring the gold price up at $1,175. Depend on today, if it close above $1,170, we will have a false break and waiting for a bullish move.

Today critical level to watch:

Support: $1,170, $1,160

Resistance: $1,180, $1,190, $1,200, $1,220, $1,250, $1,260

Silver no movement outside of range

Lower move in silver put the price into new downtrend channel. The price expected to move inside the channel and toward the downside target $16.00. Though the trend is bearish, previous bullish candle in H4 chart might reverse the short-term trend into bullish and challenge the top of the red channel.

Today critical level to watch:

Support: $16.40, $16.00, $15.80

Resistance: $16.50, $16.75, $17.00, $17.20, $17.50

Crude Oil set loose the bull

OPEC reached agreement in oil production cut which set the bull loose in crude oil chart. The price close above $48.00 – $48.50 resistance area which confirmed the bullish sentiment and it will soon close above the $50 handle. The market will expect crude oil price to top $60 next year and the best location to enter a position is $48.00 – $48.50 resistance turn support area.

Traders also can observe $50 after it is broken by the bull. A re-test always a better option but might lead to no trade if the price is just moving upside without stop.

Today critical level to watch:

Support: $48.00, $47.00

Resistance: $50.00, $51.93, $52.50