Gold bounce from trendline?

The weakness of U.S dollar used by gold to bounce from the red trendline and close the day above $1,250. It is the first major bullish candlestick move after prolonged downtrend from $1,295. Unfortunately, there is a major flip area between $1,260 – $1,265 the bull needs to conquer first to reverse the trend.

Traders could see the price rejected near $1,260 and currently move near $1,250 handle. If the bull could not hold position above $1,250 this week, it is scheduled to continue downward movement toward $1,200 – $1,220.

Today critical level to watch:

Support: $1,250, $1,240, $1,220, $1,200

Resistance: $1,258, $1,280, $1,300

Silver no room for the bull

Silver followed gold on its path upward in the previous day. However, the price closed at $16.00 and indicated there are strong bearish interests which limit upside. The price currently fell from the resistance and might continue toward the lower trendline. Traders might want to avoid long position at least until strong bullish pattern emerge.

Today critical level to watch:

Support: $15.60, $15.00

Resistance: $15.85, $16.00, $16.50, $16.80

Crude oil more consolidation

There is no clear signal yet on the crude oil daily chart. The pair fell in the previous trading day despite the wider deficit in U.S crude oil inventory. Crude oil expected to move between the green triangle and waiting for a breakout. Traders could trade the range and wait for the breakout either way happen.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $57.60, $60.00, $62.50.