Gold building base

Gold prices turned lower and tested the broken trend line, no strong bounce happened yet. But, gold prices look building more bullish pressure and will attempt to continue the bullish trend to target new record high. At the current time, traders are focusing on the U.S. inflation data this week and FOMC interest-rate decision next week. We could see inflation number continue to move lower, which drive U.S. dollar index lower. It will put more pressure on the Fed to cut interest-rate.

We maintain bullish outlook on gold prices as U.S. dollar looks will continue the weakness while uncertainties in global market situation will stay at high level.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver to stabilizing at $36.20

Silver prices maintain the position near high and no major bearish pullback yet. The price might trade sideways for a while before continuing the bullish movement. If the price start a bearish correction, then traders could wait near $35.25 for bullish reactions to enter long positions. As the trend is strong bullish, it is better to avoid short positions until exhaustion on upward movement seen.

Today’s Critical levels to watch:

Support: $35.25

Resistance: $38.34, $40.00

Crude oil bullish breakout

Crude oil prices has broken above the $65.00 level with strong momentum today. The price is on the path to target $70.00 resistance level next. As bullish breakout has happened, traders could use the $65.00 level as place to enter long positions when a bearish correction happens.

Today’s critical level to watch:

Support: $67.20, $65.00, $60.00, $52.4

Resistance: $70.00, $77.13