Gold more weakness toward $1,280

Since the break below $1,300 and the daily SMA 200, gold could not stage any rally or correction. The precious metal is under pressure and has more tendencies for the sudden drop. Today, the price move lower below previous day low before turning up to recover part of its losses.

Will the bear continue to push the price in short time and reach $1,280 first or will a correction toward $1,300 proceed the decline?

Today critical level to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver diverge against gold

Silver surprisingly made a rally today and surpass previous day high before turning lower. Overall, the precious metal stays at the positive level today and indicate mixed signal. If the upward movement continues, then we will see a test of $16.50 soon.

We think some change of trend might happen before next week FOMC minutes of meeting release. Expect more bullish correction before the news.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil riding upmove bullishly

Crude oil is riding upmove comfortably following the release of U.S inventory data which logged wider deficit than expected. The crude oil inventory down 1.4 million barrels vs. 1.1 million barrels forecast. The price show some selling reaction near the Fibonacci extension level at $72.49. We expect the price could continue move higher and reach another extension level at $74.80.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00