Gold could not lift the price above $1,280

Gold bull is in major trouble as it could not lift the price above $1,280 and made two consecutive closes below the resistance. The third close below $1,280 and move below $1,270 is the dead end for the bull which will bring the price down to daily SMA 200.

Traders are waiting for ECB interest-rate decision today which could drive volatility in the market.

Today critical level to watch:

Support: $1,258, $1,250

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

Silver waiting for breakout

Silver is trapped between $16.80 – $17.00 and the triangle before ECB press conference. The precious metal could move either way today. However, traders could look at the chart, the high is getting lower while the low stay the same around $16.80. It is the situation where the bear is in control and most of the time the price break lower.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

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

Crude oil neutral

Crude oil is in neutral sentiment despite the selling after U.S inventory data in the previous day. The price has not moved much from $52.40 resistance, and traders could continue to watch the market reaction. Bullish scenario is a break above $52.40 followed by a correction to re-test the broken resistance. Another scenario is sharp break leaving $52.40 without any pause.

On the other hand, a bearish scenario will include a test of trendline before a valid trend change.

Today critical level to watch:

Support: $51.20, $51.00, $50.00

Resistance: $52.40, $54.50