Gold bull looking for control

The bull closed gold at the day high Yesterday and suggest a further bullish move. However, it seems there is no further bullish follow up yet and gold hovering inside previous day range. The precious metal might settle near $1,325 by the end of the week which is an okay as long as it does not close below it.

Today news will revolve around the Fed members speeches which will give a clue on the future economic outlook. The most awaited speech might be from Jerome Powell who succeed Janet Yellen.

Today critical level to watch:

Support:  $1,325

Resistance: $1,337, $1,340, $1,360

Silver triangle consolidation

Silver continues traded sideways and formed a triangle consolidation as shown on the daily chart. Until breakout happens, there is nothing to do. We favor upside breakout, but it will depend on how the bull reacts at $16.50 support level.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil surpass $62.80

The price of crude oil finally breaks above $62.80. It is supported by the previous day inventory data news. U.S crude oil inventory recorded deficit of 1.6 million barrels while the expectation is surplus of 2.2 million barrels. If the bullish momentum is strong, we might see crude oil testing $65.00 – $65.78 again.

Today critical level to watch:

Support: $62.80, $62.50, $60.00

Resistance: $$65.00, $65.78