Gold strong bullish behavior

Gold bear should be astonished by the precious metal movement yesterday. The price jumped from below $1,200 to close above $1,220 or the yellow box area. It is an extremely bullish sign and the trigger for trend changing. We turn to strong bullish bias in the precious metal especially when U.S inflation data show a lower number than expected. It seems the market bet on no “rate-hike” this December.

Traders could use $1,210 – $1,220 as an area to look for long positions.

Today critical level to watch:

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

Resistance: $1,234, $1,240

Silver recover above $14.40

Silver price closed above $14.40 and affirm the bullish sentiment toward $15.00. Although the precious metal did not enjoy a jump as happen in gold, we could expect the bull to dominate the price movement again. Traders could use $14.40 as entry level for long positions.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00

Crude oil more pressure

The bull still could not shake bearish pressure in crude oil and the price make another lower close. It seems the bear could push the price further lower to test $70.00 or the red trendline. Meanwhile, the bull currently trying to maintain the price near $71.39 and close the week above it. We still favor long position at the nearest support with a hard stop below red trendline or $68.00.

Today critical level to watch:

Support: $71.39, $70.00

Resistance:  $74.04, $74.80, $75.00