Gold major bearish breakout

The bearish trend resume after previous day major bearish day. Gold finally tumble from the triangle pattern and distance itself from $1,200. At the current time, if the bearish pressure accelerates then we might see gold retest $1,159.79 and fall toward $1,131.18.

Traders suggested to avoid long position and shorting when upward correction happen.

Today critical level to watch:

Support: $1,160, $1,131.18

Resistance: $1,189.20, $1,200, $1,210, $1,220

Silver losing momentum, to trade between $14.00 – $14.40.

Silver print another bearish candlestick after another test on $14.40. The precious metal might have lost the momentum to break $14.40 and will trade between $14.00 – $14.40. Traders might want to stick to a bearish position as the major trend is bearish.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil stable above the support level

Crude oil traded higher in the previous day but no major momentum movement yet. The price maintains the level above $71.39 and on the path higher toward $74.04. As long as there is no major change in the current sentiment, we expect crude oil to continue its appreciation.

Today critical level to watch:

Support: $70.00, $67.20, $65.78, $65.00

Resistance:  $72.50, $74.80