Gold mildly bullish
The direction of gold pointed upward as the price makes higher high even though it is a slow movement upward. We have added red trendline for upside tolerance gold projection move. The precious metal will challenge $1,300 soon, and traders might need to brace up either for sharp breakout upside or sharp lower rejection.
Today critical level to watch:
Support: $1,280, $1,258, $1,250
Resistance: $1,300, $1,313.22, $1337
Silver breakout is due
The movement of silver made another zig-zag movement after initial move above the triangle pattern yesterday. The upside movement sold by the bear and the price settled inside triangle once again. There is nothing to expect yet, the breakout is due, but silver could also move to the right without any breakout as volatility dies out.
Today critical level to watch:
Support: $16.80, $16.50, $16.00
Resistance: $17.00, $17.20, $17.50, $17.73
Crude oil testing support
Crude oil prices drifted lower to the broken resistance level. The bear is testing the support level before this week OPEC meeting. Depend on OPEC result, and crude oil might continue toward $60.00 if OPEC extends production cap. Technically, there is no reason to sell crude oil yet.
Today critical level to watch:
Support: $57.60, $56.00, $55.23, $54.50, $52.40
Resistance: $60.00, $62.50.