Gold update outlook

We have simplified the outlook on the gold daily chart. The price currently moving inside the green triangle and might follow the path inside it. $1,280 – $1,300 is the major support to watch followed by the daily SMA 200. On the other hand, it looks like the temporary low settled around $1,310.

Traders could place long position near $1,300 and short position near the top of the triangle.

Today critical level to watch:

Support:  $1,310, $1,300

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

Silver more lower ground / return higher?

Silver extends its downward movement and closes below the blue trendline. It is not a good sign for the bull and risk further bearish move. Today, we will watch the silver reaction after the breakout below the trendline. If the bull could push the price back above the blue trendline, it is possible for silver to target the top of the black trend line.

Today critical level to watch:

Support: $16.00

Resistance: $16.30, $16.50, $16.80

Crude oil blasted the top

Crude oil bull dented and broke the resistance after the jump above $62.80. The movement has strong bullish momentum and could continue toward $65.00. The bullish move caused by a report by The American Petroleum Institute which logged a deficit of 2.7 million barrels vs. surplus of 2.5 million barrels for the week ending March 16.

Today we will watch crude oil inventory data, and the expectation is 2.2 million barrels increase.

Today critical level to watch:

Support: $62.80, $62.50, $60.00, $59.00

Resistance: $65.00, $65.78