Gold ranging between $1,240 – $1,250

The precious metal traded inside the range between $1,240 – $1,250 as expected. There is more chance for gold to continue higher than started a correction downward. If gold continues higher then daily SMA 200 will become the upside target.

FOMC meeting next week might become the key for gold long-term trend.

Today critical level to watch:

Support: $1,240, $1,234, $1,220

Resistance: $1,250

Silver testing the trendline

Silver paused near the bearish trendline but maintain bullish pressure. The bull keeps pressing the price upward and we might see a breakout soon. No change in the outlook yet until either breakout or rejection happens.

Today critical level to watch:

Support:  $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil still inside $50.00 – $52.40

No escape yet for crude oil, the price stuck inside $50.00 – $52.40 range and no change to its direction. We expect more consolidation but with bullish bias as OPEC production cut effect might show in medium-term. Currently, short position near $52.40 with a target near $50.00 might be successful.

Today critical level to watch:

Support: $50.00

Resistance: $52.40, $54.50