Gold aiming higher
Gold traded relatively higher today but stay below previous day high. The precious metal is mustering the strength to proceed higher and target $1,250. We expect $1,240 will be tested with either Brexit or the Fed interest-rate decision as the trigger. Meanwhile, traders task is looking for a comfortable level to place long positions. $1,200 – $1,220 is the area to watch. A close below $1,200 will cancel current bullish outlook.
Today critical level to watch:
Support: $1,220, $1,210, $1,200
Resistance: $1,234, $1,240, $1,250
Silver climb above $14.40
Not much clue in silver long-term trend. However, the precious metal challenging the resistance $14.40 and currently hovering above the level. If the price could close above $14.40 by the end of the day then we could expect more bullish leg in silver.
Today critical level to watch:
Support: $14.40, $14.00,
Resistance: $15.00, $15.60
Crude oil fresh low
OPEC will hold a meeting on 6th December in Vienna which is crucial for crude oil prices. Recently the oil cartel hinted on production cuts and showing uncomfortable response against current oil prices. The sentiment could not help crude oil prices to bounce from low. Instead the price print a new fresh low below $54.50.
Today, the bull entered the market and bring crude oil back above $54.50 and $55.00. We think possible bounce has happened and it could develop into short-term bullish leg before the 6th December meeting.
Today critical level to watch:
Support: $55.00, $54.50
Resistance: $57.60, $60.00, $61.79, $63.00