Gold bounce inside channel
The price of gold established a new bullish channel as shown on the daily chart. It bounces from the bottom of the channel Yesterday, and today the bull followed through with another push upside. The upward movement might reach the top of channel soon, and traders could look for possible short position when the upward movement weakened.
Today critical level to watch:
Support: $1,280, $1,258, $1,250
Resistance: $1,300, $1,313.22, $1337, $1,390
Silver triangle range
We have redrawn silver support and resistance. On the chart, we could see the price of silver move inside triangle range and no momentum candlestick formed yet. It could break either way, and the breakout might produce strong movement.
Today critical level to watch:
Support: $17.00, $16.80, $16.50, $16.00
Resistance: $17.20, $17.50, $17.73
Crude oil prepare for deeper correction
The sell-off in the previous day brought crude oil prices to close near $55.00. The price is near the trendline support, and $54.50 resistance turned support. As the bearish momentum is strong, traders suggested continuing observing the price in case the bear will push the price lower. If the support level could hold bearish pressure, traders could place long position between $54.50 – $55.00.
Today critical level to watch:
Support: $55.23, $54.50, $52.40
Resistance: $56.00, $60.00, $62.50.