Crude oil may have found formidable resistance ahead of the $87 figure while gold and silver have also stalled ahead of key technical barriers.The release of minutes from the Federal Reserve's last policy meeting headlines the economic calendar. Crude Oil May Find Formidable Resistance Ahead of $87 Figure Crude Oil (WTI) $86.58 -$0.04 -0.05% Prices are stalling ahead of the $87 figure but falling volume readings and increasingly overbought relative strength studies point at fading momentum behind the advance. A correction lower will see initial support at $83.19. A formidable 0.73 reading on 20-day percent change correlation studies with the S&P 500 bolsters the case for a bearish scenario as futures on the benchmark US equity index trade down 0.2 percent ahead of the opening bell on Wall Street. Minutes from the last Federal Reserve policy meeting and API weekly crude inventory figures are of note on the economic calendar. Gold and Silver Stall, Look to US Dollar for Direction Cues Gold $1127.15 -$4.75 -0.42% Prices have pulled back from resistance at $1132.20 to test support at a rising trend line set from the swing low set in the latter part of March. A break below this juncture exposes $1113.15, while a return to bullish momentum will see prices advance to challenge $1140.76. The path of the US Dollar appears to be the most significant fundamental catalyst, so the release of the Fed’s meeting minutes may prove to spark directional momentum. Silver $17.96 -$0.12 -0.67% Prices continue to stall ahead of the $18.00 figure, but negative RSI divergence hint that the bears may be set for a comeback. Initial support lines up at $17.65. As with gold, the path of the US Dollar seems the most potent driver in the near term.

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