Gold thin support at $1,250

Gold is losing on yesterday trading session, but manage to close above $1,250. The price continues testing $1,250 and looks supported at least before ECB Mario Draghi speech and FOMC minutes of meeting release. If the price could close above $1,250 again today, the bull might come in and end the consolidation period. On the upside, $1,280 – $1,300 stay as medium-term target.

Today critical level to watch:

Support: $1,250, $1,244, $1,240, $1,220, $1,200

Resistance: $1,260, $1,270

Silver high prospect to close above $17.00

The bear push silver price lower today, but it does not take a long time for the bull to enter the market and reverse the selling pressure. The price looks will close above $17.00 and the trendline which is bullish. The close above $17.00 will encourage more buying and bring the price toward $17.50 – $17.70

Today critical level to watch:

Support: $17.00, $16.80, $16.00, $15.40

Resistance: $17.20, $17.50

Crude oil waiting for the inventory report

EIA will release its recent crude oil inventory report which is expected to shrink 2.4 million barrels. If the actual report shows lower number below 2.4 million barrels deficit, then traders could expect crude oil reach $52.40. However, higher number might trigger sell-off before the price of crude oil reaches $52.40.

Base on technical, it looks like the market might show higher deficit rather than higher inventory.

Today critical level to watch:

Support: $51.00, $50.00, $49.00, $48.50, $48.00

Resistance: $52.40