Gold holding ground but lower

Silence before major news release happened in major pairs as well as precious metals. The gold price has been sideway between since the drop & recovery from $1,160 low. We have a range between $1,170 – $1,177 to watch for a breakout, good data from U.S market will drive the gold price lower.

Today critical level to watch:

Support: $1,170, $1,160

Resistance: $1,177, $1,180, $1,190, $1,200, $1,220

Silver no movement outside of range

The price of silver drifted lower inside its bearish channel. It is expected to move aligned with current technical outlook which is down and inside the channel.

Traders will observe news tonight, if there is a major fundamental shift, silver might change direction also.

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 progressing smoothly above $50

The bull set loose in crude oil and the price managed to close above $50 important psychological level. The bullish momentum is robust and expected to continue to its long-term target at $60.

Earlier this Wednesday, U.S crude oil inventory also reported a deficit of 0.7 million barrels compared to EIA estimate of 0.9 million barrels gain. This releases also help crude oil gain, and we can expect the trend to continue as winter strike.

Today critical level to watch:

Support: $50.00, $48.00, $47.00

Resistance: $51.93, $52.50