Gold continue searching for direction

Gold hanging at the middle of $1,390 – $1,430 range and showing lack of direction. The overall long-term trend has turned bullish but the price might continue its consolidation for now. Traders could continue to apply ranging strategies at the current time. There is a speech by The Fed Jerome Powell and Charles Evans which should provide volatility in gold prices.

Today critical levels to watch:

Support: $1,400, $1,390, $1,380

Resistance: $1,430, $1,450, $1,500

Silver launch above the top of the triangle

The price of silver finally breakout from the triangle pattern on its daily chart and reach $15.60 in one swoop. It is a major bullish event and it is better to stay out of short positions for now. We expect the bullish momentum to continue and target $16.00 in the medium-term.

Today Critical levels to watch:

Support: $15.20, $15.00, $14.80

Resistance: $15.60, $16.00

Crude oil critical situation

Crude oil formed a bearish engulfing pattern in the previous trading day and put the uptrend under risk. The price attempting to return above $60.00 but it seems the bearish pressure is strong. At the current time, crude oil traded at $59.47. If the price fall and close below the previous day low then traders will expect further bearish movement toward $57.60.

Today critical level to watch:

Support: $57.60

Resistance: $60.00, $65.00