Gold no bounce yet from support

The price of gold closed lower below $1,280 on Tuesday and risked further downside. There is no valid breakout yet below the trendline, and as long as the price could return above $1,280 by the end of the week, it is the bull victory. Traders could continue to observe price action at the support. It is possible next day ECB interest-rate decision will produce volatility to move the precious metal away from current level.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337, $1,390

Silver crucial moment

The situation on the silver daily chart is similar to the situation in Gold. The price initially bounces from the support level, but it driven back to $16.80 and currently testing it. There is no break or bounce confirmation yet, and traders could adopt wait&see stance until next momentum move happen.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.20, $17.50, $17.73

Crude oil recorded surplus, time to go down?

EIA released U.S crude oil inventories which recorded surplus of 0.9 million barrels compared to a deficit of 2.6 million barrels expectation. The price of crude oil unchanged after the news and continue stick near $52.40 resistance. Will the bear push the price down today? Alternatively, will the bull move the price higher and break above $52.40?

Today critical level to watch:

Support: $51.20, $51.00, $50.00

Resistance: $52.40, $54.50