Gold further consolidation
Gold mostly sideways this week as the precious metal movement contained between $1,300 – $1,315. The bull attempt to bring the price higher today. However, the movement might be limited today. Following the schedule, there will be two days of high-level trade talk between U.S-China in Beijing today.
The precious metal next movement will depend on the result of trade talks. Long positions still favored with $1,337 as a target.
Today critical levels to watch:
Support: $1,300, $1,290, $1,280
Resistance: $1,320, $1,337
Silver closed below $15.60
A close below $15.60 happened yesterday which is a major blow for the bull. However, there is no follow through by the bear yet and the bull is occupying silver instead. Current situation suggests silver is in a neutral state. Traders will continue to wait for silver price reaction near the level to determine the next direction.
Today Critical levels to watch:
Support: $15.20, $15.00, $14.40
Resistance: $15.60, $16.00
Crude oil completed the upward movement
Crude oil manages to touch $54.50 resistance and showing little rejection. The price might continue to stick near the resistance and testing it today. We think the consolidation between $52.40 – $54.50 will continue and short position near the top of the range is the best option for now. However, there is no bearish pattern yet and crude oil might punch through the resistance before turning lower.
Today critical level to watch:
Resistance: $54.50, $55.00, $57.60