Gold time to pause

Gold advance higher in the previous week before it relinquishes gain on Friday. The precious metal down after The Fed Jerome Powell hinted for a possible pause in rate-hike which lead to a relief rally in the equity market. Traders exit from gold and return to risk-on assets.

We expect gold to continue trade inside $1,280 – $1,300 until further clarification from the Fed released. However, if breakdown below $1,280 happens then we could expect $1,260 – $1,265 will become level to look for long positions.

Today critical level to watch:

Support: $1,280

Resistance: $1,290, $1,300

Silver time for correction or consolidation?

Silver manages to breach $15.60 resistance but could not widen the gain above the resistance. There is an attempt to bring the price higher today. However, the bear keeping the price near $15.60 before the day end. Will a bearish correction happen toward $15.00?

Today critical level to watch:

Support:  $15.00, $14.40

Resistance: $15.60, $16.00

Crude oil key level $50.00

The bullish situation also experienced by crude oil, the price recovered from the level near $42.00 to a level near $50.00. Although bullish, traders might want to approach cautiously near the resistance $50.00 as it is a flip level. If the bull could not break the resistance then we could expect a continuation of the bearish trend from the level. On the other hand, breakout, followed by a close above $54.50 is the trend changer.

Today critical level to watch:

Support: $42.00

Resistance: $49.00, $50.00