Gold continue ranging

More sideway movement in gold price. The bull and bear keep silent after the break below $1,200, and there is no clue yet where the price will go next. The consolidation ranges span from $1,180 – $1,200 and expected to tighten as the day change.

Today critical level to watch:

Support: $1,180, $1,170

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

Silver no movement ouside of range

Similar to gold, the silver price has yet to show improvement of volatility. Silver is trapped inside the big bullish candle and expected to move inside the 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 optimism building

No announcement, but crude oil price shooting up from the support level $45.30. The bullish movement stopped at $48.00 and looked to consolidate until OPEC announcement on a production cut. Early today, Iran oil minister cited they are close to reaching a deal on production cut, but also cited Iran insist on exclusion and ready to discuss proposals on the cut.

On the same side, Iraq who insist on no cut already agreed on a 6-months production cut. If Iran joins the cut later, we will see crude oil price shooting up more than $48.50, and the bullish movement might move higher than $50.

Today critical level to watch:

Support: $45.30, $44.75, $44.26

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