Gold time to blast the resistance?
Gold launched from the trendline and $1,220 support level brought the precious metal to test $1,230 – $1,240 area. It seems the bull is taking a rest before U.S job data today. The market might move in high volatility today depend on the result. Traders might want to continue holding long position and avoid shorting under current strong bullish momentum.
Today critical level to watch:
Support: $1,220, $1,210, $1,200
Resistance: $1,234, $1,240, $1,250
Silver breakout or stay inside triangle?
Silver thrust upward from below $14.40 and closed at the top of the triangle pattern. The price has strong bullish momentum but will it leave the triangle today? We are optimistic the bull will make breakout today but open for the possibility the precious metal making no major movement and stay inside the triangle.
Today critical level to watch:
Support: $14.40, $14.00
Resistance: $15.00, $15.60
Crude oil closed below $65.00
The bearish pressure in crude oil unexpectedly broke below $65.00 and deepen the loss for the bull. There is a possibility the price could continue lower to reach $61.79 or even $60.00 until bounce happen. Traders might want to stay sideline for now and taking a long position when a close above $65.00 happen.
Today critical level to watch:
Support: $63.00, $61.79, $60.00
Resistance: $65.00, $65.78, $66.00