GOLD
Following its failure to break $1276.50 – $1277.30 horizontal-resistance, the Gold prices recently dipped below an immediate ascending trend-line support of $1267.70 ahead of the US GDP release, indicating a quick decline to $1260. However, an upbeat US growth figures can further drag the quote to below $1260 towards another upward slanting trend-line support of $1255, breaking which the yellow metal may extend its downturn to 1249.50 and then to the present-month lows of $1241.30. In case if the metal price breaks 1241.30, also clear $1240 round figure, chances of its fresh south-run towards $1235-32 can't be denied. On the upside, $1275.50 can act as nearby resistance for the Gold before it can challenge the $1276.50 - $1277.30 area. Should the Gold prices clear $1277.30, it could rally to $1288 and then to the $1297 while its after-moves might find it hard to clear $1300 psychological magnet.
SILVER
Unlike Gold, the Silver prices are yet to clear the nearby ascending trend-line support of $17.55, breaking which $17.40 and the $17.30 horizontal support. Should the upbeat US details fetch the quote below $17.30, the present month low around $17.00 might act as intermediate halt during the metal's southward trajectory towards $16.90, $16.70 and $16.50 supports. Alternatively, $17.75 and the descending trend-line resistance of $17.85, followed by $18.00, are likely nearby upside figures that could come-up on the chart if the metal reverses from present levels. Given the quote rallies beyond $18.00, it becomes capable enough to advance towards $18.50 resistances.
WTI CRUDE OIL
With its gradual downside from $51.90, the Crude prices are forming a short-term descending trend-channel pattern, which signals the energy's south-run. At present, the Crude is likely to test 38.2% Fibonacci Retracement level of its latest upswing, at $48.75, breaking which channel support of $48.00 becomes an important level for traders to watch. If the Crude price dips below $48.00, it becomes weaker enough to plunge towards $46.60 and the $46.00 downside figures. Meanwhile, the $49.60 channel-resistance can continue limiting the energy's immediate price up-moves, clearing that its fresh north-run to $50.00 and then to the $50.70 might please the Bulls. In case of further prices-rise by Crude beyond $50.70, $51.30 and the $51.90 are likely buffer levels to observe prior to expecting the quote to flash $52.30 on the chart.
Cheers and Safe Trading,
Anil Panchal