Gold time for a correction?
The gold upward movement took out the Fibonacci extension target and brought the precious metal above previous year high. The momentum is strong, and the bull might add more distance from 2017 high. Traders who hold long position could continue hold unto the position. Traders who have no position might want to wait until either rejection or breakout happen.
Today critical level to watch:
Support: $1,337, $1,325, $1,320, $1,300, $1,280
Resistance: $1,357, $1,360
Silver testing top of range
Silver bull dominates the market yesterday after the price jumped from $17.00 to $17.50 in one day. The price currently traded at the top of the range $16.50 – $17.70 and might blow the resistance away. Similar situation to gold, traders who have long position could continue hold unto the position, while traders who have no position will stay sideline.
Today critical level to watch:
Support: $17.00, $16.80, $16.50
Resistance: $17.50, $17.73, $18.00, $18.50.
Crude oil advance higher
The price of crude oil surpassed $65.00 in the previous day as U.S oil inventory recorded higher deficit than expected. The trend continues strong upside, and no trading setup appear yet at the top.
Today critical level to watch:
Support: $65.00, $62.80, $62.50, $60.00
Resistance: