Gold at intersection

The price of gold currently lay at a crucial level, and the price is sitting at daily SMA 200 and the support trendline while it also limited inside the bearish channel. If it breaks lower, we will see gold moving at $1,200 – $1,220 again shortly. However, if the price bounce and move above its bearish channel, it will start new leg targeting $1,280 – $1,300.

Building optimism on Europe and Japan in the previous week further pushed gold and other safe-haven assets to back driver. It might continue under pressure when the economic indicator shows better than expected result.

Both directions are possible, and traders might want to wait until close either above resistance or below the support level happen.

Today critical level to watch:

Support: $1,235, $1,220, $1,200

Resistance: $1,240, $1,244, $1,250, $1,260

Silver limited weakness

The inability of the bull to break above $16.80 – $17.00 resistance area put silver lower. There is support trendline which helps the price from falling further, but it seems the bear gradually make the price lower. There are room downside and bounce from trendline needed by the bull to challenge $16.80 – $17.00 resistance again.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.20, $17.50, $17.73

Crude oil big wall ahead

Crude oil unexpectedly escapes the bearish grip after it rallied almost 10% from the bottom $42.05. The rally put crude oil near $46.50 – $47.00 resistance area. It might take some time for the bull to crack this resistance area. If the bull loses momentum, crude oil might start another bearish leg. Otherwise, $50.00 is the upside target for this bullish leg.

Today critical level to watch:

Support: $46.00, $45.30, $45.00, $44.75, $44.26, $43.76

Resistance: $46.45, $46.72