Gold looking for a breakout above $1,480
The price of gold makes a bearish correction after the touch of $1,480 resistance. Yesterday, the bearish correction stopped and gold closed inside the Wednesday range. The price may start moving upward again and breakout above $1,480. Traders will wait for a pullback to enter long positions.
Today critical levels to watch:
Support: $1,450, $1,430
Resistance: $1,480, $1,500, $1,550
Silver maintain the position inside $16.80 – $17.00
Silver returned inside $16.80 – $17.00 range with a major bearish engulfing pattern. Yesterday the price manage to stau inside the range and no bearish continuation happened. At the current time, the price expected to continue inside $16.80 – $17.00 until breakout happens.
Today Critical levels to watch:
Support: $16.80, $16.50
Resistance: $17.00, $17.50, $17.73
Crude oil waiting for OPEC result
OPEC’s meeting helped crude oil to climb higher and reached the level near $59.50. We think the price has a chance to reach $60.00 as OPEC’s current consensus seeks a deeper production cut. After the announcement, traders could expect crude oil to trade higher and may reach $60.00.
Today critical level to watch:
Support: $57.60, $55.80, $54.50
Resistance: $59.50, $60.00