Gold to trade inside the triangle pattern

The price of gold manages to stay above $1,220 at the end of the week and avoid further sell-off toward the bottom of the triangle. The precious metal expected to continue its ranging movement inside the triangle pattern until breakout happen. We think the news on U.S-China trade deal will become the catalyst for the gold movement.

As long as gold stay inside the triangle pattern, there is nothing to do aside from trading the range.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240, $1,250

Silver ranging between $14.00 – $14.40

Silver range span between $14.00 – $14.40 and there is no change to the outlook yet. We expect silver to continue bouncing up and down inside the range. Traders could continue stay sideline or trade the range for now.

Today critical level to watch:

Support:  $14.00

Resistance: $14.40, $15.00, $15.60

Crude oil less volatility before OPEC

OPEC meeting on 6th December cast a cautious sentiment in crude oil. Even though the price print a fresh low, it avoided a close below $50.00. Currently, the range has established between $50.00 – $52.40. The next trend of crude oil will depend on how OPEC reacted to current sudden weakness in crude oil prices.

Today critical level to watch:

Support: $50.00

Resistance: $52.40, $54.50