Gold continues inside the blue channel

Gold closed the day at bullish side Yesterday, prompting for further upside today. The price initially creeps higher, but quickly reversed at the top of the blue channel and currently traded below $1,325 before U.S market open. The movement scenario stays the same for gold which is inside the blue channel range.

Traders could continue to use the channel range to take both long and short position.

Today critical level to watch:

Support:  $1,300

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

Silver directionless at $16.50

Silver maintain its sideways movement near $16.50 and suggest no position for traders. It is better to stay sideways for now until there is strong momentum candlestick moving away from the level.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil slips down before inventory data

Crude oil slide below its triangle range before U.S inventory data today. The market expects 2.2 million barrels increase in the inventory. A lower number below the forecast could help crude oil recoup its losses and reclaim level above the triangle.

Under the current situation, will the bear win the battle and break the support $59.00 – $60.00 after the news?

Today critical level to watch:

Support: $60.00, $59.00

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