Gold stay defensive

Gold bull stays on defensive below $1,280 and has the hard time to reclaim level above it. The precious metal might lose more ground today as The Fed scheduled to announce interest-rate. The only thing which could reverse the current situation on gold is upset on the Fed future view. If the Fed turn dovish, gold might regain its shine and launch above $1,300.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337, $1,390

Silver sudden bullish pressure

There is a positive development on the silver daily chart, and the price jumped from below $16.80 to level higher than $17.00. The price is currently testing the top of the triangle and needs a close above it. If by the end of the day, silver reverses and close below $16.80 it is extremely bearish sign and high-odd situation for the bear.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.20, $17.50, $17.73

Crude oil up… but reversed

The bull is riding crude oil to reach a level near this year high $55.23 before the price reverse and move down nearly $1 from the top. The selling indicates initial weakness but not a sign of trend reversal as higher high printed. The price might consolidate near $54.50 resistance looking for support and trigger to move higher.

Moreover, today U.S crude oil inventory recorded 2.4 million barrels deficit which is higher than 1.5 million expectation. Although initial reaction is bearish, the short-term trend is bullish, and crude oil might test resistance once again.

Today critical level to watch:

Support: $52.40, $51.20, $51.00, $50.00

Resistance: $54.50, $55.23