Gold on the path higher
An important moment for the gold, the precious gold cleared $1,200 – $1,220 resistance area. This removal of resistance area open more opportunity for gold to move higher toward $1,280 – $1,300 area. The best scenario trader could take the correction toward $1,200 – $1,220 area and bounce from it.
Another position to consider is the short position near $1,280 – $1,300 area.
Today critical level to watch:
Support: $1,220, $1,200, $1,184, $1,180, $1,166
Resistance: $1,250, $1,280 – $1,300
Silver conclusive close above $17.50
Similar to gold, the price of silver close above its resistance $17.50 comfortably. The closure above $17.50 trigger bullish scenario toward the blue trendline. The price needs to move higher than previous day high to trigger more buying.
Today critical level to watch:
Support: $17.50, $17.20, $17.00, $16.75, $16.50
Resistance: $18.00, $18.50
Crude Oil waiting for triangle completion
Hovering inside the triangle, once again the price moving near the bottom of the triangle. A trader could take a long position from the bottom of triangle with the temporary target near $54.50. No breakout expected today, the market might need to wait until tomorrow where there is Crude oil inventory news from the USA.
Today critical level to watch:
Support: $52.40, $51.93, $50.50, $50.00, $49.60
Resistance: $54.50, $55.00