Gold barrier to overcome

Gold topped $1,337 in the previous trading day and continue its attempt to break the resistance today. There is no breakout yet and the precious metal slide below its opening level. The resistance is strong and might need several days to break. However, if gold could not move past the resistance, it might start to slide and test $1,300 – $1,325 area again.

Today critical level to watch:

Support:  $1,325, $1,300

Resistance: $1,337, $1,340

Silver stopped at $16.80

If we see $1,337 as temporary top in gold, we find $16.80 as the similar top for silver. Both precious metals are currently testing the resistance and looking for a breakout higher. Traders will stay sideways for a while with a bullish bias. $16.50 is the level to watch for a long position.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil neutral sentiment

The price of crude oil continues its movement inside the triangle shown on the daily chart. It is waiting for U.S inventory data today. Analysts expect a surplus of 2.6 million barrels. Base on the growing sentiment and possible issue in U.S tariff war, crude oil might ride higher on the uncertainties.

Today critical level to watch:

Support: $60.00, $59.00

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