Gold flat near $1,220

After series of bearish movement in gold, the price stalled near $1,220. It looks like temporary support formed, but no bounce happened yet which mean the price will consolidate with a bearish bias.

If bounce happens, $1,250 is the target of bounce and a good place to set short position. Observe price action in the lower time frame to determine if bounce will happen.

Today critical level to watch:

Support: $1,220, $1,200, $1,190

Resistance: $1,250, $1,260, $1,270, $1,280, $1300, $1330

Silver false break

Silver maintained its position near $17 after a break lower than the support level. We have mentioned in previous day analysis; if price bounce from the support, it will create false break situation. Although today we see the silver break above $17, it still needs daily close as confirmation. At the end of the day, if the silver price falls back below $17 we will see a continuation of the bearish trend.

Today critical level to watch:

Support: $17.00, $16.00, $15.80

Resistance: $17.20, $17.50, $18.50

Crude Oil confirmed megaphone

Loud shout by the bullish megaphone pattern scared the bear away. Currently, the price getting near the upper part of the megaphone and it is before crude oil inventories announcement today. The Higher deficit in the supply report could bring new bull into the crude oil, while wider surplus will jeopardize bull effort and put oil to test the lower part of the megaphone again.

Today critical level to watch:

Support: $45.30, $44.70, $44.26, $43.90, $43.57,

Resistance: $46.00, $46.20, $46.50, $47.00, $48.00