Gold promising bull

Gold bull continues to persist near the trendline and looks promising to break it upside. There is no confirmation yet, the price currently attempting to move higher surpassing previous day close. It is still below the previous day high, and the bull needs to work the price above it. The upside target located at the $1,250 resistance or the red trendline.

Meanwhile, if there is a bounce in the U.S dollar index, traders must be ready to short the gold after a bearish reversal pattern formed.

Today critical level to watch:

Support: $1,244, $1,240, $1,235, $1,220

Resistance: $1,250, $1,258

Silver stay neutral

Even though the price of silver closed above the trendline, it is not a decisive close and needs more confirmation. The price direction is up, but under the current situation, it is better to stay sideline until further pattern or momentum show up. Traders could look for long position near $16.00 handle.

Today critical level to watch:

Support: $16.00, $15.61, $15.00

Resistance: $16.50, $16.80, $17.00

Crude oil supply clearing

Crude oil manages to move higher above Wednesday high in the Thursday trading session. However, the price reversed to the downside and closed below $47.00 which create a bearish candlestick. The price currently moving near the resistance $47.00 again and might stay sideway. On Monday there will be OPEC meeting with non-OPEC members which could determine the fate of crude oil prices. Traders might want to scale out before the meeting.

Today critical level to watch:

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

Resistance: $47.00, $47.31, $48.00, $49.00