Gold descend on U.S dollar bounce
Gold prices experience downward pressure today as U.S dollar index attempt to recoup losses. The downward movement of gold reached $1,337 broken resistance where it is expected to find support. However, under current momentum, it is possible for the precious metal to move down further toward $1,325.
Traders could plan two positions at $1,337 and $1,325 with a stop below $1,320 or the big previous Wednesday bullish candlestick.
Today critical level to watch:
Support: $1,337, $1,325
Resistance: $1,340, $1,360
Silver stay inside $16.50 – $16.80
Silver moved down below $16.50 today following other precious metals decline. Fortunately, silver holding out above $16.50 up until now. If the bull could close the price above $16.50, then it is possible for silver to move higher toward $16.80 – $17.00.
Today critical level to watch:
Support: $16.50, $16.00
Resistance: $16.80, $17.00
Crude oil profit-taking
Crude oil rejected from a level near $62.80 and move below opening level. There is no strong bearish confirmation yet as the price stay above previous day low. Traders will observe today closing price to determine next direction of crude oil. A close below previous day low will create a bearish engulfing pattern and lead crude oil down toward $59.00 – $60.00 again.
Today critical level to watch:
Support: $60.00, $59.00, $58.00
Resistance: $62.50, $62.80