Gold to test $1,260 – $1,265
Gold bull has not given up yet after the precious metal bounced from red trendline. The price ready to test the broken support $1,260 – $1,265. Above the area, there is daily SMA 200 which also will act as resistance. Traders could look for short position when the test produce a bearish reversal pattern. Meanwhile, it is better to stay sideline.
Today critical level to watch:
Support: $1,250, $1,240, $1,220, $1,200
Resistance: $1,258, $1,280, $1,300
Silver more upward correction
The price of silver closed lower yesterday after it tested $16.00. Outlook continues bearish, but there is hope for the bull as the price supported by $15.85. Without any major trigger, the silver price might consolidate between $15.85 – $16.00 until the close of the week.
Today critical level to watch:
Support: $15.85, $15.60, $15.00
Resistance: $16.00, $16.50, $16.80
Crude oil continue inside triangle consolidation
The price of crude oil bounced from the bottom of the triangle and headed to $57.60 resistance. There is not much to write until the breakout of triangle happen. Traders could continue trade the consolidation range. Outlook is bullish, and we favor long position than short position.
Today critical level to watch:
Support: $56.00, $55.23, $54.50, $52.40
Resistance: $57.60, $60.00, $62.50.