Gold checkpoint
Gold touched down $1,260 – $1,265 support area with strong bearish momentum. There is nothing to reverse the bearish pressure yet. However, it is not the best time to enter long position yet. Traders need to watch where the precious metal close and the candlestick shape. A full bearish candlestick means stay sideways.
Meanwhile, from fundamental side, trade fears expected to continue to influence the market and trigger more selling.
Today critical level to watch:
Support: $1,260, $1,250
Resistance: $1,265, $1,280
Silver continue rolling down
No change in the silver trend which is down. We continue to expect the precious metal to hit $16.00 support level before it reverses. Traders who are looking short position might want to refrain from shorting to the support level. On the other hand, the long position might be the safer option when downward momentum slowed.
Today critical level to watch:
Support: $16.00
Resistance: $16.50, $16.80, $17.00
Crude oil trade inside $65.00 – $66.00
No major breakout happen in crude oil yet, and it is as expected following OPEC meeting later on Friday. Crude oil could continue its sideway ranging movement and produce momentum movement after the OPEC meeting. Traders could prepare for either long or short position depend on the OPEC result and market reaction.
Today critical level to watch:
Support: $65.00, $62.80
Resistance: $66.00, $70.00