Gold set to consolidate

Gold prices have returned inside the yellow box area and are currently expected to continue trading sideways inside it. Traders are waiting for the release of U.S inflation data this week. Depend on the result, we might see a major reaction from the Fed after the data release.

Strong inflation numbers are beneficial for gold prices, on the other hand, if the inflation number softer than expected then we might see gold prices continue its consolidation near $1,900.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver sideway near $27.50

Silver prices avoided a further bearish breakdown below $27.50. The price settled above the level but might continue trading sideways following the gold price movement. No clue yet on the next direction, traders will wait for the movement and closing level after the inflation data release before deciding on the next direction.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $29.00, $30.00, $31.50

Crude oil bearish correction?

Crude oil prices upward target at $70.00 has been reached. The price made a bearish reaction yesterday and there is bearish follow-through today. If the price continues moving lower then traders could use the yellow box area for a chance to enter long positions.

Today critical level to watch:

Support: $67.20, $65.00, $60.00

Resistance: $70.00