Gold no bounce!
It is a grim situation for gold as the prices continue moving lower below the support trendline. Bearish candlestick close on Thursday signaled more weakness below the trendline. It is possible for gold to continue its downward movement toward the red trendline or daily SMA 200 before any bounce.
However, there is major data release from U.S today, the Non-farm employment data. If the data show a lower number, gold might bounce upside and close above the blue trendline. The close above blue trendline might secure a bounce for next week.
Today critical level to watch:
Support: $1,258, $1,250
Resistance: $1,280, $1,300, $1337, $1,390
Silver pop or plop?
Silver is under bearish pressure as it could not maintain $16.80 – $17.00. Currently, the price forming temporary support at $16.50. The price moved in triangle shaped area and waiting for a breakout. Will it pop above the trendline or will it plop and make a test on $16.00?
Today critical level to watch:
Support: $16.50, $16.00
Resistance: $16.80, $17.00, $17.50, $17.73
Crude oil losing grip on trendline
Lower inventory data released by EIA initially boost crude oil prices and closed the day above $50.00 handle. However, the bulls look change their mind as crude oil prices losing altitude today. It is important for the bull to secure a level above the black trendline to cancel the break lower. Otherwise, a test of red trendline might be on the card.
Today critical level to watch:
Support: $50.00, $49.00, $48.50
Resistance: $51.00, $52.40