Gold closed down for the fifth day
The gold downward movement continues for the fifth day and currently, it reached the bottom trendline. There is a bullish reaction from the trendline. If the bounce from the trendline could close above $1,280 then gold might be ready to start a new bullish trend. At the current time, traders could look for a long position near the trendline. Add more positions when the price could surpass $1,280.
Today critical levels to watch:
Support: $1,265, $1,260
Resistance: $1,280, $1,300, $1,320, $1,325
Silver stay inside the triangle formation
No change to the silver outlook, the price still waiting for a breakout of the triangle pattern on its daily chart. Traders could continue stay sideline until breakout happen, or look for short position when the price touch trendline as we favor bearish scenario.
Today Critical levels to watch:
Support: $14.80, $14.40
Resistance: $15.00, $15.20, $15.60, $16.00
Crude oil consolidation between trendline and $65.00
It is good Friday which mean most U.S and European market is closed. We might not expect much movement in crude oil today. The price consolidating between the trendline and $65.00. Traders might want to wait until the price moves out of the range before looking at any positions.
Today critical level to watch:
Support: $60.00, $57.60, $55.80