Gold halted at $1,220

Advance in the gold price halted near $1,220, and rejection happened. The price fell but maintain its position above $1,200. Although most traders expect a bounce in the gold price, it might just move lower in line with the current trend.

We are flat in Gold and will wait until price developed either continuation or reversal pattern.

Today critical level to watch:

Support: $1,200, $1,190

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

Silver crawling up slowly

Previous day break did not follow through as daily candlestick closed inside the harami candlestick range. Silver was crawling up slowly since the daily close, and it might attempt another break above the range.

In lower time frame chart, there is consolidation channel formed. The price might move inside the channel slowly until it reached the nearest resistance $17.00.

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 out of megaphone

Crude oil price higher before OPEC meeting next week. The market tries to build optimism in crude oil price, but it might also unwinding of position before the important meeting.

Although crude oil moves higher, the price face resistance at $48.00 – $48.50. The resistance might be removed before next week meeting and the price reach $50.

Today critical level to watch:

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

Resistance: $46.20, $46.50, $47.00