Gold breaks out of the triangle

The gold price inch higher in today trading session, breaking the triangle pattern on its daily chart. The price currently traded near $1,240 resistance or the October high. Will the price finally breakout from the resistance and headed higher toward the daily SMA 200?

There is a possibility the upward movement will continue, but traders might want to weight on the U.S dollar index movement. Today, the index dropped sharply and stay lower the entire session. But, moving into U.S trading session it gained and erase all of its losses. Gold might reverse if the index continues higher tomorrow.

Today critical level to watch:

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

Resistance: $1,250

Silver ready for a close above $14.40?

The price of silver jumped above $14.40 and maintain the level above it today. It is considered a breakout, but the price slowly moving downward and almost back to $14.40. If the price closed below $14.40 we might have a false breakout which could lead to sell-off.

Today critical level to watch:

Support:  $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil limited gain

OPEC meeting is looming and crude oil climbed at the beginning of the week. The price reached as high as $54.55 before it got rejected. We think it is a correction before OPEC meeting and $54.50 – $55.00 is the cap. At the current time, it seems the bear might return and attempt to break $52.40 support level.

Today critical level to watch:

Support: $52.40, $50.00

Resistance: $54.50