Gold dipped below $1,200

The long-awaited break in gold price happened, the bear finally won the battle against the bull and closed the price below $1,200. The decline contributed by FOMC meeting minutes which urge the Fed to raise the interest rate.

Thursday price attempt to move lower, but the descent halted and the price recover from the low, the price is hanging near $1,180, a close above the level might help the bull to raise the price, but it looks like temporary. The price might recover more is losses on Friday, but it will depend on how it reacted at $1,180.

Silver continue moving down to $16

Not much hope for the bull since bearish candlestick formed near the $17 resistance, the price has been moving down to reach $16.13 before reversing. The bear might want $16 first before it let the bull change the price course. This week, Silver might close above the $16 support level and ready for the possible bearish move next week.

Crude Oil stalled at $48 – $48.50

Optimism in crude oil price fading as the price halted near the major resistance area $48.00 – $48.50. The bull has gone silent on Thursday, price move only in $0.45 range between $47.80 – $48.25.

Candlestick formation formed harami pattern which shows indecision which is normal, since, in next week, the market will watch how OPEC play their card. Will there be production cut hoped by Venezuela, Libya & Nigeria? Alternatively, will the OPEC fail once again similar to 1980s production cut?