Gold struggling to get back into the triangle pattern

Gold has not closed inside the triangle Yesterday but manages to close the day higher. Today, the bull still make attempt to bring the price inside the triangle. It is currently traded inside it. There is major news to watch from the U.S, the Non-farm employment data. We expect volatility to kick-in when news announcement.

Next week trend will depend on where gold price closed at the weekend. A close below $1,200 and outside of the triangle means possible bearish week. On the other hand, a close above $1,200 and inside the triangle is a bullish sign.

Today critical level to watch:

Support: $1,200, $1,160, $1,131.18

Resistance: $1,210, $1,220

Silver bounce before $14.40 test?

A test on $14.40 is expected, however, the silver price might not make it to the support level and launch higher from the current level. Without any test, it could move higher to test $15.00 and continue ranging movement between $14.40 – $15.00.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00

Crude oil correction signal

Reversal seen in crude oil prices after the previous day bearish close. It is the best time for crude oil to make price correction after straight upward movement from a level near $68.00 to as high as $76.89. $74.04 expected to act as support level while $76.12 as a resistance level. If the bear could push the price lower then traders could watch $71.39 as the level to look for a long position.

Today critical level to watch:

Support: $74.04, $71.39

Resistance:  $74.80, $75.00, $76.12, $77.13