Gold maintain position above $1,220
The bull rejoicing the situation of gold price which charging upside after the precious metal bounce from $1,200 support level. Today, gold prices tested $1,220 and the red trendline before turning positive. If the precious metal could maintain another bullish close then we could expect further upside toward $1,240 resistance.
Today critical level to watch:
Support: $1,220, $1,210, $1,200
Resistance: $1,234, $1,240, $1,250
Silver slowing momentum near $14.40
The upward momentum of silver slowly declining when the precious metal getting near $14.40. It is an important level for the bull to break before silver could continue its newly bullish leg. On the other hand, rejection from the resistance level will put silver down to test $14.00 support again.
Today critical level to watch:
Support: $14.00,
Resistance: $14.40, $15.00, $15.60
Crude oil no new low but could not shake the bearish pressure
The price of crude oil takes a turn downward again today but managed to reverse before a new low printed. Overall trend stays bearish and we project range between $54.50 – $57.60 for this week. OPEC meeting will be vital to determining the price trend this month. There is no reason to turn bullish unless the result showing strong commitment to control the supply.
Today critical level to watch:
Support: $55.00, $54.50
Resistance: $57.60, $60.00, $61.79