Gold closed as bullish candlestick
Although the previous candlestick is bullish, the candle represents temporary sentiment and risk further selling from the $1,200 – $1,220 flip area. The second largest gold consumer, Chinese trader is out in Chinese New Year holiday. The price of gold expected to move lower, especially when this week filled with interest-rate decisions from central banks.
Today critical level to watch:
Support: $1,184, $1,180, $1,166, $1,160, $1,150
Resistance: $1,200, $1,220, $1,250
Silver quick reversal
The sudden reversal in silver price, the precious metal fell initially, but at the end of the day it stages a rally and closes as a bullish engulfing pattern. This formation is in favor for bullish scenario and might lead silver to $18 – $18.50 resistance.
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
Sideways movement in crude oil expected to continue until the breakout of the triangle pattern. Nothing much to do for the bull or the bear, there are three scenarios traders can use in trading the crude oil:
- Placing long position above the top of consolidation area, target up to $60
- Placing short position below $52.40 with target $50
- Wait for a confirmation break upside above $54.50 and trade the retracement.
Today critical level to watch:
Support: $52.40, $51.93, $50.50, $50.00, $49.60
Resistance: $54.50, $55.00