Gold major turn of event

Coldwater dropped by the bear which made gold prices slide from the level near $1,300 to close below $1,280 support level. The event extremely bearish and could develop into new bearish leg if gold continues its slide today and close below the bullish channel.

At the current time, gold mostly sideways near $1,280 and waiting for a trigger for the next movement. $1,280 could be used as the level to take a short position. However, be wary as the bottom of the channel is not far from the level. Traders could also look for long position near the bottom of the channel in anticipation gold will continue moving inside the channel.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337

Silver back to stalemate situation

The downpour also happens in silver as the price closed near the bottom of the triangle. The price moves back inside triangle pattern and suggests a breakout lower which turned top triangle breakout as “fake.”

It is a stalemate situation now, and traders could monitor where the price will move next.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.20, $17.50, $17.73

Crude oil building more bullish sentiment

Crude oil upward movement under test as the price could not move past previous breakout point. The market will turn the focus on U.S crude oil inventory data tomorrow. Looking further, there is OPEC meeting on 30th November which could lead crude oil prices sideways as traders will avoid holding large position.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $60.00, $62.50.