Gold No stop for the bull

Gold closed as almost full bullish candlestick in the Tuesday trading session. Wednesday session started with a test of trend line which rejects the price. Fortunately, near the end of Wednesday trading session, gold recouped the loss and moving near opening prices.

There are two conferences to watch tomorrow from BOJ and ECB. Change of outlook on interest-rate will influence gold movement. We expect more upside in the gold price to clear $1,250 and bring gold higher toward $1,280 – $1,300.

Today critical level to watch:

Support: $1,240, $1,235, $1,220

Resistance: $1,244, $1,250, $1,258

Silver higher but limited

There is not much to write about silver as the price stick near the bearish trend line. There is no clear break yet to the upside even though the price moves higher today. Silver expected to continue moving sideway until the news from BOJ and ECB on Thursday. Will it reverse the current bullish move and bounce from the bearish trend line?

Today critical level to watch:

Support: $16.00, $15.61, $15.00

Resistance: $16.50, $16.80, $17.00

Crude boosted by decline in inventory

EIA reported a sharper decline in crude oil inventory today. The inventory decreased 4.7 million barrels which are larger than 3.6 million barrels decrease expectation. From the technical side, crude oil currently challenging previous swing high and could break upside anytime.

The price looks will close as full bullish candlestick which will provide a base for tomorrow trading session. $48.00 – $49.00 is the upside target of the breakout.

Today critical level to watch:

Support: $47.00, $46.45, $46.00, $45.30, $44.75

Resistance: $47.31, $48.00, $49.00