Gold drifting lower

Gold manages to hold the bearish pressure at $1,220, but it looks like the support level will not hold for very long. The bear is eager to drive the price further lower while momentum is still strong. If the bull could not reverse the selling, it looks like $1,200 is an obvious target.

There are FOMC meeting minutes today and U.S market return after Independence Day holiday. A Strong Dollar is the topic today and might continue until the release of FOMC meeting minutes.

Today critical level to watch:

Support: $1,220, $1,214, $1,210, $1,200

Resistance: $1,235, $1,240, $1,244, $1,250, $1,260

Silver ready for more losses

The major support at $16.00 is broken today and prompt for strong bearish movement after the break. The price will target December’16 low at $15.61, and the close below this level might bring silver below $15.00. Traders should switch to longer-term outlook and assess if the bear will push the price further lower or the bull return by the end of the month and close the price above $16.00.

Today critical level to watch:

Support: $15.61, $15.00

Resistance: $16.00, $16.50, $16.80, $17.00

Crude oil time for reversal?

The price stalled in the previous trading day and formed a Doji candlestick which means uncertainties. The bear takes the opportunity and drive the price lower but still inside $46.45 – $47.00 area. Crude oil expected to continue its movement inside $46.45 – $47.00 area.

If the area broken downside, crude oil might resume its long-term trend to reach $30 again.

Today critical level to watch:

Support: $46.45, $46.00, $45.30

Resistance: $46.72, $47.00, $48.00