Gold testing $1,200 – $1,220 handle

November will end soon in just several days, and gold finally breaks below its major support level. The price expected to test the broken support area of $1,200 – $1,220. It might not move much from current level as monthly candlestick soon will close. The close is important to watch. If the gold could close above $1,200 – $1,220 area, we might enter another indecision time for December.

A close below $1,200 – $1,220 will confirm long-term break lower.

Today critical level to watch:

Support: $1,180, $1,170

Resistance: $1,200, $1,220, $1,250, $1,260, $1,270

Silver intercepted sell

Silver is bullish after it closes above the blue range, but the candlestick in H4 chart closed as Doji which sign uncertainty. Is it a pause before more rally? Alternatively, is it an initial sign of reversal through momentum loss?

On the upside, we have $17 as resistance and the price moving inside the blue channel which is bullish. On the downside, we have $16.40 – $16.50 as the support area.

Today critical level to watch:

Support: $16.50, $16.40, $16.00, $15.80

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

Crude Oil gapped lower

Fear of OPEC failure intensifies before the meeting this week. Crude oil price gapped down and open the day at $45.43. The price moves lower toward $45.30 support before bounced up. Overall short term trend still bullish, but long term stays bearish with a close below $48.50.

This week we can expect high volatility either side before and after OPEC meeting. The production cut hoped by the bull, while the bear will continue to bring the price lower if OPEC failed to reach agreement on a production cut.

Today critical level to watch:

Support: $45.30, $44.75, $44.26

Resistance: $46.00, $46.20, $46.50, $47.00, $48.00