Gold looking for direction
Although the trend for gold is bearish, the price seems to stick close to the bearish channel and continue sideway. It might move lower toward $1,100, or it might bounce from the current level and enter correction phase.
On the other hand, the sentiment on U.S dollar is positive which might put more pressure on the gold price and push it lower.
Today critical level to watch:
Support: $1,122, $1,100
Resistance: $1,138, $1,150, $1,160, $1,166
Silver crucial moment
Silver went silent after it reached $16 support, the price is looking for direction. It could either close lower below the support level, or it could bounce toward the $16.50 resistance.
Today critical level to watch:
Support: $16.00, $15.80, $15.50
Resistance: $16.15, $16.40, $16.50, $16.75
Crude Oil limited at $52.4
Mini shoulder-head-shoulder formation formed in the crude oil price, the price supported at $50 twice and had trouble near $52.4. The neckline is new blue bullish trendline, if it could not support the price, then the trend might reverse when the price closes below $50.
Today critical level to watch:
Support: $51.93, $50.50, $50.00, $49.60
Resistance: $52.40, $54.50, $55.00