Gold hanging above $1,220

The bullish progress on gold currently stalled after it moves past $1,220. We drew a triangle pattern on the daily chart and assume the precious metal might be hesitant near the resistance. If gold start moving down, then it might find support at the bottom of the triangle. On the other hand, support between $1,200 – $1,220 still intact and will become the level traders could watch for possible positions.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240, $1,250

Silver rejection from $14.40

Silver climb at the start of the week but experience rejection from $14.40 resistance. The level holding out from the bullish attempt. Currently, the precious metal is trading at its opening level. Will it continue the bearish trend and move below $14.00? Alternatively, will it climb above $14.40 and settle above it by the end of the week?

Today critical level to watch:

Support:  $14.00

Resistance: $14.40, $15.00, $15.60

Crude oil heavily pointed to the downside

The direction of crude oil continues pointed downside. Even though it find support near the support level $50.00, the price could easily drop and continue the bearish trend. At the current time, the bullish reaction from the level might be limited at $52.40 and the market settle the range between $50.00 – $52.40. OPEC meeting at the beginning December will play a vital role in crude oil future trend.

It is better to stick with fewer positions until the situation becomes clear after the OPEC meeting.

Today critical level to watch:

Support: $50.00

Resistance: $52.40, $54.50