Gold neutral situation

The price of gold closed as inside bar pattern which is an indecision pattern. The price slide today, but stay inside previous day range between $1,235 – $1,243. It is expected to continue moving sideway at least until ECB interest-rate decision and press conference.

If gold decide to move down from the current level, it will confirm rejection from the trend line, and it is bearish. The rejection will drive gold lower toward the daily SMA 200, and another break lower the averages will resume bearish trend in gold.

Today critical level to watch:

Support: $1,235, $1,220

Resistance: $1,240, $1,244, $1,250, $1,258

Silver higher but limited

Silver is ready for next movement as it stands silent near the trend line. There is not much to expect from the current situation as the market wait for ECB news today. The news will decide U.S dollar movement in the second-half and later shown in precious metal. A Higher dollar means the lower price in precious metals such as silver.

Today critical level to watch:

Support: $16.00, $15.61, $15.00

Resistance: $16.50, $16.80, $17.00

Crude at the end of tipping point

Similar to roller coaster which reaches the top of the track and tilted down slowly, crude oil is at the end of tipping point. The bull only needs to poke the price higher a little bit, and it will trigger short squeeze above $47.31. Recent data show a steeper decline in oil inventory and lower projection on production which is positive.

Again, ECB conference is the event to watch today which could determine next direction in crude oil prices.

Today critical level to watch:

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

Resistance: $47.31, $48.00, $49.00