Gold clawed back above $1,200

The price of gold manage to return above $1,200 and enter the $1,200 – $1,220 range. It is a bullish sign and might lead gold to consolidation between $1,200 – $1,220. If the precious metal could reach $1,220 or the red trendline then traders could use the moment to look for a short position on rejection.

Downward continuation from both resistances might lead gold down to test this year low.

Today critical level to watch:

Support: $1,200, $1,189.20, $1,160

Resistance: $1,210, $1,220

Silver continues consolidation inside the yellow box

Silver notched gain in the previous trading day and brought the precious metal near the top of the yellow box. No breakout yet and the price stays below $14.40. There is no reason to place a long position aside from the price near $14.00 support level. If the bull manages to bring silver back above $14.40 then it will turn the short-term trend into bullish and becoming more appealing to place long position.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil no escapes from $70.00 yet.

The bull secured a close above $70.00 on Wednesday trading session. But, crude oil sink again below $70.00 today and canceled previous day breakout. At least it is the current situation, opportunity still open for the bull to bring the price higher and close above $70.00 by the end of the day.

Today critical level to watch:

Support: $67.20, $65.78, $65.00

Resistance: $70.00, $72.50