Gold attempting a bounce
The downward movement of gold reached the blue trendline and paused. There is a sign of bounce today, but the upward movement fizzled near the $1,280 support turned resistance. If gold closed near its opening level, it looks like the bear is strong and might be able to push below the trendline soon.
Today critical level to watch:
Support: $1,258
Resistance: $1,280, $1,300, $1337, $1,390
Silver continue lower below trendline
Silver is moving up adjacent to gold, but it also rejected from the down trendline. It looks like the price will close inside previous day range and continue lower in the coming trading days.
Today critical level to watch:
Support: $16.00
Resistance: $16.80, $17.00, $17.50, $17.73
Crude oil aim higher
Wider deficit released on today crude oil inventory. EIA expected a deficit of 0.5 million barrels and the actual data show 6.0 million barrels deficit. Crude oil prices jumped $0.50 after the news release and currently continue higher. If the price of crude oil could surpass previous day high and close above it, it will trigger new bullish leg to challenge $52.40.
Today critical level to watch:
Support: $50.00, $49.00, $48.50
Resistance: $51.00, $52.40