Gold short-term bearish
Gold down for the week, but stay above the support trend line on daily chart. The long-term outlook for the precious metal remains bullish, but a break below the trendline will trigger more selling toward the support area $1,280 -$1,300. This week, there are major central banks rate-decision from BOJ and the Fed. Expect more volatility poured into the market after the release of rate statement.
Today critical level to watch:
Support: $1,300, $1,280, $1,258
Resistance: $1337, $1,390, $1,400, $1,430
Silver chance for long position
The downward movement of silver reached the bottom of its bullish channel on the daily chart as expected. The bull will try to hold the price from further downside and traders could look for long position near the bottom of the channel. Though the odds favor for a bounce, it is possible also for silver to slip below the channel and snap back upward. Traders suggested to place stop below $17.00 in case the trend switch to bearish.
Today critical level to watch:
Support: $17.50, $17.00, $16.80
Resistance: $17.73, $18.00, $18.50
Crude oil preparing for a break above $50.00
The outlook for crude oil slowly turned bullish while the bull is attempting a move above $50.00. Although it is bullish, there is no close above the $50.00 resistance level yet, and traders suggested to adopt “Wait & See” stance. The best scenario to take is a breakout above $50.00 and entry when the price re-test the broken resistance.
Today critical level to watch:
Support: $49.00, $48.50, $48.00, $47.31
Resistance: $50.00