Gold Looking for support

Gold is on a downward trend as the precious metal losing more value following the strength in U.S dollar. The market heavily influenced by The Fed chief Jerome Powell this week. In the previous day he sounds hawkish, but today he seems moving away from the hawkish comment by emphasizing on gradual rate-hike.

If Powell starts sound dovish, then gold will find support at the current level and start an upward bounce.

Today critical level to watch:

Support:  $1,300

Resistance: $1,325, $1,337, $1,340

Silver recover part of losses

Silver prices continue its dip today in Asian and European session but manage to recover most of the losses when Jerome Powell give a speech in front of the senate. There is no indication for the long position yet; instead, traders could look for short position when $16.50 test happen.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil deeper retreat

Crude oil progress lower today following the higher than expected U.S crude oil inventory. The report shows 3.0 million increase while analysts estimate 2.4 million surpluses. Traders could look at the red trendline and $59.00 – $60.00 area for a long position if the price stop falling.

Today critical level to watch:

Support: $60.00, $59.00

Resistance: $62.50, $62.80, $65.00, $65.78