Gold back to the top of the triangle

Gold rejected from $1,337 and headed lower today. The selling pressure is moderate and currently testing the top of the triangle. There is no sign of bounce yet, and traders could place long position when lower time frame show bullish candlestick. Stop order could be placed below $1,320.

On the other hand, a move below $1,320 could indicate breakout and time to enter a short position in gold.

Today critical level to watch:

Support: $1,325, $1,320

Resistance: $1,337, $1,340, $1,350, $1,360

Silver enter bearish zone

Silver dipped below the red trendline in today trading session. There is no sign of bull yet, and the trend favors further sell-off to $16.00. The earliest confirmation is the daily price close. If the bull could push the price higher and close above the red trendline, then it is better for traders to exit the short position.

Today critical level to watch:

Support: $16.00

Resistance: $16.30, $16.50, $16.80

Crude oil bullish setup

The higher deficit in U.S crude oil inventory helped crude oil prices to climb above $62.80 and close the day as bullish pin bar. The nose of the pin is long and suggest a strong reversal. However, the overall short-term trend stays bearish as Monday bearish candlestick is bigger than the pin.

It is possible the bear will push crude oil further lower toward the red trendline before any significant bounce happen.

Today critical level to watch:

Support: $62.80, $62.50, $60.00, $59.00

Resistance: $65.00, $65.78