Gold some bullish progress
A bounce from $1,210 happened yesterday and brought gold back above $1,220. The precious metal continues further upside today and hanging near previous day high. Will we see a close above the high?
On the upside, the upward path of gold might experience rejection at the top of the triangle. The Fed minutes of the meeting might add volatility today. Traders will continue trade the triangle range until breakout happens.
Today critical level to watch:
Support: $1,220, $1,210, $1,200
Resistance: $1,234, $1,240, $1,250
Silver looking for direction
Silver closed bullish in the previous day but stay inside $14.00 – $14.40 range. There is nothing change yet in the projection. We expect the price will continue its sideways movement. Traders could continue to trade the range until breakout happens.
Today critical level to watch:
Support: $14.00
Resistance: $14.40, $15.00, $15.60
Crude oil fresh low
A fresh low printed in today trading session and it is as if the price will continue lower below $50.00. However, the bull return before the breakout turns into severe sell-off. Currently, crude oil manages to move back above its opening level and looking to create a false breakout situation. If crude oil manages to close bullish above $50.00 then the ranging situation between $50.00 – $52.40 will continue.
Today critical level to watch:
Support: $50.00
Resistance: $52.40, $54.50