Gold clinging to 38.2% Retracement

Gold escaped the second day close below 38.2% Fibonacci retracement level and currently might close above it for the second day. No momentum movement yet for either the bull and the bear. Traders will continue observing the price movement. If bounce happens, traders could expect $1,200 tested again. On the other hand, a breakout below previous swing low around $1,180 will trigger selling toward $1,159.79.

Today critical level to watch:

Support: $1,188, $1,160, $1,131.18

Resistance: $1,200, $1,210, $1,220

Silver rejected from $14.40

The price experience rejection from $14.40 when it attempts to move above it. Fortunately, there is no strong selling from the current level and the precious metal might close the day near its opening level. As long as there is no fresh low printed on the chart, there is a chance for the bull to cancel the breakout below $14.40.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil tumbled on production forecast

EIA increase WTI and Brent crude oil production expectation for 2018 and 2019. The move helped to curb crude oil prices which have increased this couple weeks. On another note, Hurricane Michael deemed by analysts as a non-impact event for crude oil production.

If the situation continues as follow then we could see crude oil prices retreat to test $71.39.

Today critical level to watch:

Support: $71.39, $70.00

Resistance:  $74.04, $74.80, $75.00