Gold time for a bounce?
Gold suffered three consecutive lower close after the price hit $1,300. The price moves down and tests $1,280 support level. There is no breakout and bounce confirmation yet, and traders could continuously monitor the price reaction at the current level. A bullish close above previous day high will trigger new bullish leg targeting level above $1,300. On the other hand, a breakout lower will push the share prices to test daily SMA 200.
Today critical level to watch:
Support: $1,280, $1,258, $1,250
Resistance: $1,300, $1,313.22, $1337, $1,390
Silver attempt recovery
Silver continues under pressure on Wednesday after the price closed lower. The bull looks attempting recovery today, but the price stays below $17.00 and no confirmation yet for bullish continuation. Traders could continue to observe price movement, a close above $17.00 is favorable for the bull.
Today critical level to watch:
Support: $16.80, $16.50, $16.00
Resistance: $17.00, $17.20, $17.50, $17.73
Crude oil move below trendline
Crude oil prices rejected near $52.40, and the bear enters the market. The price slide below previous day low despite the greater deficit in the U.S stockpile. Fortunately, the price has not crossed below this week low, and the bull still has a chance to recover all of its loses by the end of the day.
Today critical level to watch:
Support: $51.20, $51.00, $50.00
Resistance: $52.40, $54.50