Gold barely move

Not much movement in the gold price, it is moving sideway after the Italian referendum drop. The range of movement shrink to just $11 between $1,166 – $1,177. There is one news which will influence gold price, and that is China trade balance scheduled to release today.

Better than expected trade balance number might provide bullish movement in the gold price, while worse than expected data will sign slowing demand which will influence the demand for gold also.

Today critical level to watch:

Support: $1,170, $1,166, $1,160

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

Silver looking for bullish chance

The recent silver break from the downtrend channel is not followed through by the bull yet. The price was moving sideway after bullish engulfing candlestick and provide no clue where it wants to go next.

Similar to gold, the precious metal will wait for the news release from China.

Today critical level to watch:

Support: $16.50, $16.40, $16.00, $15.80

Resistance: $16.75, $17.00, $17.20, $17.50

Crude Oil Shoulder Head Shoulder?

Bullish trend in crude oil has started after OPEC announcement, but the trend threatened by possible shoulder-head-shoulder pattern formed on H4 chart. The neckline of this pattern is $50, and if the price break through the $50 support level it should reverse all bullish sentiment in the crude oil.

The bull trader will watch how price reacts at the trendline and $50 if it reaches the level.

Today critical level to watch:

Support: $50.00, $48.00, $47.00

Resistance: $51.93, $52.50