Gold Out of steam

The price of gold stalled inside $1,200 – $1,220 range as expected, and risk the possibility to move lower. UK Supreme Court ruling for the government to ask parliament before triggering article 50 might be one of the reason no bullish continuation yet. Another reason is the vague information on President Trump policies.

The bearish pressure brought the price lower than $1,200, but at the end of the day, it closed at $1,200 which show “No Break” yet. Traders will need to wait until the price close lower below $1,200 on the daily chart for safer confirmation. Otherwise, the precious metal should continue moving inside the consolidation range.

Today critical level to watch:

Support: $1,200, $1,180, $1,166, $1,160, $1,150

Resistance: $1,220, $1,250

Silver resume downtrend?

Struggle to break above $17.20 put silver back below $17 resistance. The price shows initial bearish sign, but it still needs confirmation by closing below $16.50. Note:

Note: U.S dollar index is under correction, if the index starts turning back into its bullish trend, the silver price should move lower.

Today critical level to watch:

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

Resistance: $17.00, $17.20, $17.50, 18,50

Crude Oil waiting for trigger

U.S oil inventory shows more surplus than estimation, the inventory gained 2.8 million vs. expected 1.5 million barrels. Although, the inventory increase, we have not seen a decline in crude oil price in the previous day. Without any change in the trend, we could expect crude oil to form ascending triangle pattern and continue upside.

Today critical level to watch:

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

Resistance: $54.50, $55.00