Gold found footing to reverse the bearish trend

Finally, the gold price reverses its proceeding bearish pressure and close the day as a bullish candlestick. The close near $1,220 and followed by a move higher today confirm the change of bearish trend into a bullish trend. In the long-term fundamental outlying from global economy also supported gold price appreciation.

First, because of privatization trend in U.S economy which spread massively in Europe and the world will break all correlation between each financial instrument. Gold which has universal value once again will gain its popularity

Today critical level to watch:

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

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

Silver bounce higher toward $17.50

Next resistance in silver price is the $17.50 resistance followed by $18.00. Previously the precious metal could not break the resistance and make a deep correction. If the price continues higher, it looks like the resistance will be broken this time.

Today critical level to watch:

Support: $17.20, $17.00, $16.75, $16.00

Resistance: $17.50, $18.00, $18.50

Crude oil lower altitude

Despite the bullish party in the major indices and major currency also precious metal, crude oil barely moves and no change to its outlook. The price may continue higher toward $50 resistance and test it, but it seems the price could move lower as the inventory data show surpluses trend will continue.

Today critical level to watch:

Support: $48.50, $48.00, $47.00, $46.70

Resistance: $49.60, $50.00