Gold to consolidate between $1,480 – $1,500
The weakness of gold stopped yesterday and we have a bounce from $1,480 support level. Gold expected to consolidate between $1,480 – $1,500 until breakout happens. We think today ECB will incite movement in gold and the price might jump above $1,500 handle to target $1,550.
Traders will wait until the news release to get better confirmation. Alternatively, placing long positions near $1,480 with tight stop order might become an option, traders could take.
Today critical levels to watch:
Support: $1,480, $1,450, $1,430
Resistance: $1,500, $1,550
Silver closed at the middle of $17.73 – $18.50
Silver is waiting for the next direction as the precious metal settled at the middle of $17.73 – $18.50 range. It might continue upward and test the resistance level. But it could fall and extend its decline below $17.73 too. No clue on the next direction yet, traders might want to be cautious as ECB rate-decision loom.
Today Critical levels to watch:
Support: $18.00, $17.73
Resistance: $18.50, $20.00
Crude oil slip back inside the bearish channel
Crude oil return to the bearish track after the price slip below $57.60 support level and the top of the channel. It closed inside the bearish channel which confirms the continuation of a bearish trend. At the current time, crude oil supported by $55.80 support level and will attempt to test the top of the channel.
Today critical level to watch:
Resistance: $57.60, $59.50 – $60.00