Gold rejection from the top of the channel

Gold sharply lower in the previous day trading session. The price rejected from the level near the top of the channel and closed below $1,300. It is a strong bearish sign and could incite further selling. We have $1,280 as a bearish target to test. If the support level is broken then we could expect gold to resume its bearish trend.

However, $1,280 also a good level to look for long positions when there is a strong bullish pattern formed.

Today critical levels to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver rejection from $15.20

Similar to the gold situation, the price of silver experienced rejection from its resistance and closed lower below $15.00. The precious metal is under predicament and could slip further lower if it closes below the previous week low. At the current time, $15.00 is the level to look for a short position when retest happen.

Today Critical levels to watch:

Support: $14.40

Resistance: $15.00, $15.20, $15.60, $16.00

Crude oil mildly lower

No touch on $65.00 resistance and no strong bearish reaction yet when the price hovering near it. Crude oil expected to maintain its level near $65.00 and waiting for a trigger for the next movement. Traders could use the trendline to look for long positions. On the lower side, $60.00 is the best level to add more long positions.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00