Gold establishing floor

Gold prices survive the selling Yesterday and the price close above daily SMA 200. Today, the precious metal attempt to move higher and clear the trendline resistance as The Fed sends a mixed signal. The Fed optimistic inflation will reach the target of 2% but signalled they are ready to let the inflation run higher without rate adjustment.

If the dovish situation continues and U.S-China trade wars issue back under focus, then we might see gold set the floor and bounced.

Today critical level to watch:

Support: $1,300

Resistance: $1,320, $1,325, $1,337, $1,340

Silver another bullish test

Silver bull manages to erase Tuesday price drop and close above Tuesday high. The precious metal rejected from the cluster of resistances of $16.50, red trendline and black trendline. However, it looks like the bull has not lost the steam and ready to make another test on the resistance.

Traders might need to wait until Friday U.S job data to determine if the bullish leg is reliable.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00, $17.50

Crude oil support respected

Crude oil bounced higher from the support level, and the situation confirmed from the fundamental side also. U.S crude oil logged 6.2 million barrels surplus compared to 1.0 million barrels increase expectation. Without any change in the trend, we might see crude oil hanging at the top of the green box or $70.00 at the end of the week.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: $70.00