Gold more consolidation

Gold bear has won the battle when the precious metal slid below $1,200. However, there is no significant bearish movement yet from the current level and the price looks consolidating with an upside bias. There is a possibility the price will make upside correction to test the broken triangle pattern. When retest happens, traders could look for a short position. We think the price still has more room downside as long as there is no close above $1,200.

Today critical level to watch:

Support: $1,160, $1,131.18

Resistance: $1,189.20, $1,200, $1,210, $1,220

Silver aiming higher

Silver prices unexpected pop above $14.40 entered the third day where the price continues to stay above broken $14.40 resistance. If the situation continues, then we might see the bull followed through by printing another bullish candlestick above previous day high. Silver range expected to span between $14.40 – $15.00.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00

Crude oil unchallenged

Crude oil bull is moving the price up aggressively, jumped from the first target to the second target in one day. There is nothing traders could do at the moment. Traders who hold long position could continue to hold the position while crude oil ride higher. A short position is not suggested and better avoided under the current strong bullish environment.

Today critical level to watch:

Support: $75.00, $74.80, $72.50

Resistance:  $76.12, $77.13