Gold building bases to climb

Gold floor continues to rise day by day even though there is no breakout yet above resistance. The precious metal currently dealing with $1,230 and $1,240 resistances. In the previous day, the price closed above $1,230 which pressuring the bear.

If the bull traders could continue securing higher close then we will see a breakout above $1,240 soon.

Today critical level to watch:

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

Resistance: $1,234, $1,240

Silver possible triangle consolidation

Silver paused near the top of the triangle shown on the daily chart but stay bullish. The precious metal might be waiting for momentum to make breakout above the triangle toward $15.00 resistance. Traders could look for long position when pullback happens. A short position is not suggested in the current bullish environment.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil ranging between $66.00 – $67.00?

Heavy losses incurred in crude oil brought the price down to close at $66.09. It is the second day after the sell-off and crude oil upward attempt could not move above $67.09. It might trade between $66.00 – $67.00 until next momentum movement happen. The fundamental situation favor bearish scenario to play out, technically a breakout below $66.00 will trigger further selling.

Today critical level to watch:

Support: $66.00, $65.78, $65.00, $64.44

Resistance:  $67.00, $70.00, $71.39, $74.04