Gold comfortable near support, possible wedges formation
The gold price battered since President Trump election, and the price has found temporary footing near $1,200 – $1,220 support area. On daily chart there is possible wedges formation on the making, if the pattern is confirmed, the gold might move lower than $1,220. Looking at the chart formation, it might need several days to complete the pattern.
Today critical level to watch:
Support: $1,220, $1,200, $1,190
Resistance: $1,250, $1,260, $1,270, $1,280, $1300, $1330
Silver consistent close below $17
A consistent close below $17 surely a bad news for the silver bull, the longer the price stay below it, the higher the chance it will continue moving lower. If today the price continue to close below $17, it will be fourth day the price close below $17.
A trader might need to wait until Janet Yellen speech today for silver movement catalyst.
Today critical level to watch:
Support: $16.80, $16.00, $15.80
Resistance: $17.00, $17.20, $17.50, $18.50
Crude Oil Russian rescue
Upward movement in crude oil price sparked by the bounce from the lower part of the megaphone and even though barrels count moving up Yesterday; it decides to continue moving up. Recent persistence in crude oil price might be triggered by Russia support statement to curb oil production following OPEC plan to cut production at the end of the month.
From the technical side, $44.75 – $45.30 act as nearest support and $46.45 – $47 act as resistance which will limit upside momentum. We expect the bull will attempt another rally in coming week.
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