Gold sideway continuation

There is no change in gold analysis compared to previous week. The price should continue its sideway movement between $1,280 – $1,300. Though gold will move sideway, there is French election this week which might trigger either risk-aversion or risk-taking. The trend is bullish which suggest more long position option than short position.

Today critical level to watch:

Support: $1,280, $1,260, $1,250, $1,244

Resistance: $1,300

Silver losing more ground

Silver Bull keeps losing the ground as the price closed down for five consecutive days. The bounce is near, and it is expected near the red line where previous swing low present. If the price break lowers the red line, it might continue toward the yellow horizontal line and look for support there.

The trend of silver stay bullish, and the decline of price is an opportunity to take a long position.

Today critical level to watch:

Support: $17.80, $17.50, $17.20, $17.00

Resistance: $18.00, $18.50, $18.62, $18.95

Crude oil failure the test of $50

It is the first time crude oil price close below $50 since the previous month. The price expected to continue its decline as supply problem persist. There is news about President Trump rejection on Exxon Mobile (NYSE: XOM) bid for waiver Russia sanction. This refusal is negative news for the oil company, but it might limit the supply which in turn raise crude oil prices.

This week, we will observe followed through by the bear below $50. Failure to bring the price lower might result in bounce above $50 and cancel short-term bearish trend in crude oil.

Today critical level to watch:

Support: $48.50, $48.00

Resistance: $50.00, $51.50, $52.40, $54.50, $55.00