Gold direction down

The price of gold suffered sharp selling in the previous day after New The Fed chief testimony roll out the new possibility of an interest-rate hike. Previously, The Fed expects three rate-hike this year, but following the testimony by Powell, now they expect four rate-hikes this year.

More rate-hikes means more strength in U.S dollar which leads gold down. The downward movement of gold might continue this week with $1,300 as a target.

Today critical level to watch:

Support:  $1,300

Resistance: $1,325, $1,337, $1,340

Silver closed outside of triangle

Silver prices closed below the triangle pattern shown on the daily chart. The close is not a significant one as it is near the triangle. However, there is a change in fundamental outlook in the U.S which could drive the precious metal further down. $16.00 will become the target of next bearish leg.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil retreat

Crude oil settled lower near $62.80 support level as U.S dollar strengthened. The price might continue to move lower today as the influence of U.S dollar still strong. Traders will watch inventory data from the U.S today, and expectation is 2.2 million barrels increase compared to previous week. Will the price bounce from the current level and avoid breakdown?

Today critical level to watch:

Support: $62.80, $62.50, $60.00

Resistance: $65.00, $65.78