Gold continue lower for the fifth day

The price of gold continues its downward movement and touch the bottom trendline today. No reaction yet from the trendline at the current time. Will gold bounce from the trendline and climb above $1,280 by the end of the week? Alternatively, will a downward breakout happen and gold continue toward $1,260 – $1,265?

Today critical levels to watch:

Support: $1,265, $1,260

Resistance: $1,280, $1,300, $1,320, $1,325

Silver formed a triangle formation

Silver attempted to climb above $15.00 but could not close the price above the level again. The precious metal is prone to further bearish pressure. Currently, we might have $14.80 as support level and there is bearish trendline present. Both formed a descending triangle formation and a breakout below it will trigger new bearish leg.

Today Critical levels to watch:

Support: $14.80, $14.40

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

Crude oil trade between trendline and $65.00

The price of crude oil not moving much from $65.00 resistance and the trendline. We have a bounce from the trendline but it followed by bearish close which neutralizes the bullish move. At the current time, the price sticks near the trendline and waiting for the next direction.

Traders could consider breakout scenario above $65.00 followed by a retest where traders could look for long positions. Alternative scenario is a bearish correction toward $60.00 followed by a bounce.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00