Gold escape from the lower range
Gold escaped upside from the $1,300 – $1,325 range and head higher today. The upward movement has momentum and could test $1,337 before Thursday ECB interest-rate and Friday job data. If gold move lower at the end of the week and close below $1,325, then it might continue the sideways movement between $1,300 – $1,325.
Today critical level to watch:
Support: $1,325, $1,300
Resistance: $1,337, $1,340
Silver reclaim $16.50 and cancel bearish outlook
Silver unexpectedly jumped above $16.50 and widened the advantage above it in U.S session. The upward movement might continue until the close of market. This week, silver might hit $16.80 – $17.00. We will observe if the precious metal could break above $17.00 and turn medium-term trend to bullish.
Today critical level to watch:
Support: $16.50, $16.00
Resistance: $16.80, $17.00
Crude oil stays inside the triangle
Crude oil bounced from the bottom of triangle mentioned in the previous day analysis. There is nothing to do yet except trade the triangle range. There is inventory data tomorrow which might determine crude oil next direction.
Today critical level to watch:
Support: $60.00, $59.00
Resistance: $62.50, $62.80, $65.00, $65.78