Gold stay below resistance area

The resistance area between $1,200 – $1,220 prove itself as a tough resistance to break. Gold upward movement halted and reversed, the price tripped lower than its previous daily low. Fortunately, the price bought and back above the previous day low at the middle of the day.

No conclusive decision yet on gold, the price need to close lower below the blue channel or close upward above the $1,220. Next week, President Trump inauguration might become the trigger for both scenarios.

Today critical level to watch:

Support: $1,180, $1,166, $1,160, $1,150

Resistance: $1,200, $1,220

Silver copying gold

Silver price is copying the movement of gold price. The price being sold at the opening of the day and move lower than previous day low, but in the middle of the day it being bought and moving up near its opening price.

Similar to gold, no conclusive move yet in the precious metal and traders will need to wait until next week for either a move toward $17.00 or break lower than $16.00.

Today critical level to watch:

Support: $16.75, $16.50, $16.40, $16.15, $16.00

Resistance: $17.00, $17.20

Crude Oil to end the week near crucial point

After both buying and selling activity which put the crude oil upward and downward the $52.40 significant level. It seems the black gold will close the week near the $52.40 level. The close near $52.40 means indecision will continue and hopefully next week the price could break the $54.50 resistance. Otherwise, it will form shoulder-head-shoulder pattern and trigger bearish trend if confirmed.

Today critical level to watch:

Support: $52.40, $51.93, $50.50, $50.00, $49.60

Resistance: $54.50, $55.00