Gold back above $1,280

Gold breaks above $1,280 again after previous day bearish close below it. If the precious metal could close above previous day high, it is possible for the bull to continue to bring gold higher toward $1,300. There is no conclusion yet, the price has not closed and the failure to close above previous day high is an indication the precious metal might start moving lower on Thursday.

Today critical level to watch:

Support: $1,280, $1,258, $1,250

Resistance: $1,300, $1,313.22, $1337, $1,390

Silver whipsawing in and out $16.80 – $17.00

Silver prices show whipsawing movement in and out of $16.80 – $17.00 range. Initially, it is bullish as the price closed above triangle and $17.00, but it failed the test and move inside $16.80 – $17.00 again. Today, the price move higher, but near the end of the market, the bull hesitated and silver stick near $17.00. It is the neutral situation, and traders suggested to continue to monitor the precious metal movement.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.20, $17.50, $17.73

Crude oil, exhaustion pattern spotted

The upward movement of crude oil notches another fresh daily high but immediately sold by the bear. The price currently moves lower below previous day low which indicates time for correction. The correction also supported by fundamental data, the U.S crude oil inventory. Today, the inventory recorded surplus of 2.2 million barrels compared to 2.5 million barrels deficit.

If crude oil corrected, it will test $54.50, and it could extend lower to $52.40 breakout point.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $60.00, $62.50.