Gold bottoming out process

The decline in gold price stopped when the price hit $1,200. The support area $1,200 – $1,220 play major part supporting the price as expected. This level is a good place to look for a long position, but traders need stronger technical confirmation by the bullish pattern. Meanwhile, traders could wait until the Fed interest rate announcement tomorrow which should provide volatility.

Scotland calls for an independence referendum and followed by Ireland add more uncertainties which should support gold prices.

Today critical level to watch:

Support: $1,200, $1,184, $1,180

Resistance: $1,220, $1,237, $1,244, $1,250

Silver little change near $17.00

No direction yet for silver, the price continue stick near $17.00 handle. The precious metal might show clearer direction tomorrow after interest rate announcement. The price could either fall further toward $16.00 or bounce higher toward the bearish trendline.

Today critical level to watch:

Support: $17.00, $16.75, $16.00

Resistance: $17.20, $17.50, $18.00, $18.50

Crude oil losing more ground

The $48.00 floor removed by the bear today and the price reach as low as $47.00. Under the current situation, it might continue lower following the strong bearish momentum. In the previous day, we mention about clearing weak hand below $44.75 – $45.30 range and the probability gets higher.

A bull trader might want to test the water by placing small position at $47.00 support level.

Today critical level to watch:

Support: $47.00, $46.70, $45.30, $44.75

Resistance: $48.00$48.50, $49.60, $50.00