Gold: ranging inside channel or test of $1,300?
The bull survived the bear attack and returned the price above $1,280. The close above $1,280 and $1,290 is positive but has not changed the sideway situation on gold. Gold expected to continue its move inside the blue channel with an upside bias. Will the precious metal hit $1,300 first or move lower to the bottom of the channel?
Today critical level to watch:
Support: $1,280, $1,258, $1,250
Resistance: $1,300, $1,313.22, $1337
Silver no winner yet
Silver consolidation continues inside the triangle area. Traders could continue to observe and trade breakout direction. Meanwhile, stay “flat” is a better choice.
Today critical level to watch:
Support: $16.80, $16.50, $16.00
Resistance: $17.00, $17.20, $17.50, $17.73
Crude oil more bullish momentum toward $60.00
OPEC meeting is about to kick-off next week, and crude oil prices boosted before the meeting. The deficit trend on U.S crude oil inventory helped the bull secure current level. If there is no change to the current trend and U.S dollar continue its weakness, crude oil could reach $60.00 before the meeting.
Today critical level to watch:
Support: $56.00, $55.23, $54.50, $52.40
Resistance: $60.00, $62.50.