Gold testing $1,220

The precious metal upward movement sold near $1,230 and currently down to test $1,220. Under the current situation, traders could look for long position near the support level and aim level higher than $1,230. Today, there is FOMC minutes of meeting release which could produce volatility in the market and gold prices.

As long as there is no close below $1,220 traders should stay bullish in gold.

Today critical level to watch:

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

Resistance: $1,234, $1,240

Silver bearish pin bar

The bear manages to reverse the bull advance and print a bearish pin bar pattern on the daily chart. Although it is a bearish pattern, we could disregard it and stick to bullish side as silver has climbed inside $14.40 – $15.00 range. If the price fall to $14.40 then traders could use the moment to add more long positions.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil trying to escape from the bearish grip

On Tuesday, the bear was in control for the entire day before the bull returned to the market and pushed the price up to close the day on the positive side. Crude oil still has the possibility to escape current bearish pressure and headed to $74.04 again. However, a sudden sell-off from the current level and a close below previous week low will confirm the test on $70.00 and red trendline.

Today critical level to watch:

Support: $70.00

Resistance:  $71.39, $74.04, $74.80