Gold bounce or break

Gold survive the selling at $1,200 support level and close the day on the positive side. The precious metal has not escaped from bearish pressure thought and needs to maintain a higher consecutive close above $1,200 to reverse the bearish trend. Traders could take a small long position at the current level while waiting for momentum movement.

Today Fed speech by Jerome Powell and CPI data might become the trigger for next momentum movement in gold.

Today critical level to watch:

Support: $1,200

Resistance: $1,210, $1,220, $1,234

Silver further downside below $14.00?

Silver closed lower for another day and print another fresh low. No reason to start turning bullish in the precious metal. However, taking a short position at the current level also not suggested as it is shorting the lowest level which could reverse anytime.

Today critical level to watch:

Support: –

Resistance: $14.00, $14.40, $15.00, $15.60

Crude oil drop accelerated

The grim situation grip traders in crude oil as the price closed lower for twelfth days. No bullish hint showed on the chart yet. We think $54.50 will provide support for the price while traders assessing the possibility for a bounce. Although bounce might happen, $57.60 and $60.00 might capped the upside.

Today critical level to watch:

Support: $55.00, $54.50

Resistance: $60.00, $61.79, $63.00, $65.00