Gold back below $1,250

Gold manages to claim position above $1,250 and the long-term trend line. However, it looks like the bull could not rest yet as the price moving lower below $1,250 again and risk for further downside. Traders are waiting for The Fed meeting today which will determine the direction of U.S dollar.

Many traders feel unsettled at the current level of U.S dollar. J.P. Morgan is one of the institutions which sounded possibility of bounce for U.S dollar in the second half of 2017. When there is announcement such as that, it means the price could dive further lower and bounce later after most retail traders give up on the bounce.

Technically, gold favor for more further upside toward $1,280 – $1,300 and it is better to watch at the sideline for a while.

Today critical level to watch:

Support: $1,244, $1,240

Resistance: $1,250, $1,258, $1,280, $1,300

Silver continue neutral

It is the time for the bull and the bear to start a new movement in Silver. The price formed long-legged doji in the previous trading session which shows indecision. Traders are waiting for today news from The Fed and nothing much to expect until news announcement. On the downside, $16.00 is the level to look for a long position. On the upside, $16.80 is the previous lower high, and the bull needs to break above it for more bullish outlook.

Today critical level to watch:

Support: $16.00, $15.61, $15.00

Resistance: $16.50, $16.80, $17.00

Crude oil more positive development

EIA announce wider deficit in U.S crude oil inventory, the figure expected to come out at 3.3 million barrels deficit while actual result shows deficit of 7.2 million barrels. Under the current situation, it looks like OPEC members could see the sliver of hope to bring the price of crude oil higher. $49.00 is the nearest resistance to break and further upside we have $50 as the possible short-term top.

Today critical level to watch:

Support: $48.50, $48.00, $47.31, $47.00

Resistance: $49.00, $50.00