Gold back near $1,220

The price of gold initially bounce from the $1,210 support level and headed higher above $1,220. However, the precious metal rejected at the top of the triangle pattern as expected. Currently, it is traded back near $1,220. We might see gold settle near $1,220 by the end of the week and provide us a neutral situation for next week.

At the current time, a long position still favored near $1,220, $1,210 and the bottom of the triangle.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240, $1,250

Silver no direction

Silver price movement is not interesting at the moment as the price traded in low volatility situation. It is hanging at the middle of $14.00 – $14.40 range and looks will continue. Traders will continue to use the range to take a position until breakout happens.

Today critical level to watch:

Support:  $14.00

Resistance: $14.40, $15.00, $15.60

Crude oil escaped breakdown below $50.00

The price of crude oil manage to survive the selling below $50.00 and closed bullish yesterday. The bullish close is not an indication the price will start a correction. Instead of correction, we see the price will trade between $50.00 – $52.40 until OPEC meeting on 6th December. Traders might want to take the small position only at the moment until we get clearer how OPEC reacted to the current downfall in oil prices.

Today critical level to watch:

Support: $50.00

Resistance: $52.40, $54.50