Gold return to $1,200 – $1,220 area?

The gold movement this week traded near $1,200 most of the time after it breakout lower on Monday. The precious metal still searching for direction as the price move back to the $1,200 – $1,220 area. Will we see rejection from the area or a successful return above $1,200?

We think the key to gold movement and where it settles at the end of the week will depend on U.S job data which released on Friday. At the current time, traders could stay sideways.

Today critical level to watch:

Support: $1,200, $1,160

Resistance: $1,210, $1,220

Silver ranging between $14.00 – $14.40

Silver expected to trade sideways between $14.00 – $14.40 after the precious metal bounced from $14.00 support level. Traders could use the moment to trade the range with a bearish bias.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil strong reversal continue

The situation of crude oil is in favor of further weakness after it rejected from $70.00 resistance level. It is the second day the price close lower. There is U.S crude oil inventory data with 2.2 million barrels deficit forecast. Will we see further weakness in crude oil today?

Today critical level to watch:

Support: $67.20, $65.78, $65.00

Resistance: $70.00, $72.50