Gold decisive breakout

Gold closed as mini bearish candlestick in the previous day, just below the top of triangle resistance. However, the gold bull finally makes a decisive breakout today above the green triangle range. It is apparent now, the bullish momentum has leg and could move higher toward $1,360 and January high.

Fundamentally, the dovish comment from the Fed put U.S dollar under pressure, and it is the golden moment for counterpart instrument to appreciate.

Today critical level to watch:

Support:  $1,340, $1,337, $1,325

Resistance: $1,350, $1,360

Silver up, but stay inside triangle

Silver traded higher following the strength in gold. However, the upward movement has no clear strength as the precious metal stays inside the triangle shown on the daily chart. It is better for traders to continue watching silver movement as the price still hesitant at $16.50 resistance.

Today critical level to watch:

Support: $16.30, $16.00

Resistance: $16.50, $16.80

Crude oil maintain bullish momentum

The bull does not give the bear time to breath after crude oil relaunches its attack on $65.80 resistance. It looks like the price will close near the resistance and give more edge for the bull to break it next week. However, a reversal from current level followed by a close below previous day low will trigger a correction. If correction happens, then we could expect crude oil test the black trendline before bouncing up.

Today critical level to watch:

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

Resistance: $65.00, $65.78