Gold off low, but still in critical area

$1,200 – $1,220 area has proven itself as a strong support level. The price halted its drop last week, and this week it starts to bounce from the low, but still inside the area. As long as it can close above the support area, the gold price has an opportunity to escape further sell-off.

The source of bounce in gold price is the recent weakness in U.S dollar, the dollar has broken through 100 level and looking for a correction. After the correction happened, it might bounce and put further pressure on the gold price in the future.

Today critical level to watch:

Support: $1,200, $1,190

Resistance: $1,220, $1,250, $1,260, $1,270

Silver ready to test $17

Silver closed as harami candlestick Yesterday, and today it pushed above the harami pattern which is bullish. The market will see $17 test soon and will get confirmation on next direction. Will Silver break above the resistance level or will it continue moving lower to the $16 support?

Today critical level to watch:

Support: $16.50, $16.00, $15.80

Resistance: $16.75, $17.00, $17.20, $17.50, $18.50

Crude Oil megaphone confirmation

Today we have a major event in crude oil. The price broke through the megaphone pattern. This confirms bullish sentiment before OPEC meeting. The gap in price in the chart caused by contract roll-over, the November contract expired and rolled to December contract.

Base on the price movement, we will see $50 before OPEC meeting and might continue higher if the meeting results in the unanimous decision on the production cut.

Today critical level to watch:

Support: $46.00, $45.30, $44.70, $44.26, $43.90

Resistance: $46.20, $46.50, $47.00