Gold wait and see

The price of gold halted the decline and attempted to test $1,200 – $1,220 area. The bull barely able to send the price near $1,200, but the bear also silent. Both of them might wait for OPEC result and also job data at the end of this week. The price expected to move sideway inside last week range between $1,170 – $1,220.

Today critical level to watch:

Support: $1,180, $1,170

Resistance: $1,190, $1,200, $1,220, $1,250, $1,260, $1,270

Silver Another attempt to move higher

Bullish movement in silver encounters selling near the blue channel and drive the price lower. In H4 chart we have a bullish engulfing pattern not far away from the previous bullish candle which put the price near the blue channel. There is a possibility the price will move higher and get inside blue channel range.

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 sweep by the bear

Sentiment on tomorrow OPEC meeting drives crude oil bull out of the market. If the meeting results in failure, crude oil will move down to $30 next year, while a successful implementation of production cut could bring crude oil price up as much as $60.

Technical chart showing more bearishness than bullishness on the chart, which means the market favor $30 more than $60 and tomorrow we will get the answer.

Today critical level to watch:

Support: $45.30, $44.75, $44.26

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