Gold falls below trendline, bearish continuation

The price of gold experienced selling below the trendline and resume its bearish trend yesterday. However, the bull manages to reverse the selling and brought back the precious metal near the trendline. Today, the bear makes another bearish attempt below the trendline. If the bear manages to push the price below $1,260 – $1,265 support then we could expect gold to move toward the bottom of its bearish channel.

Today critical levels to watch:

Support: $1,265, $1,260

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

Silver critical close below $14.80

Silver is in big trouble as the price rejected from the trendline and fell with strong momentum. The downward movement closes the price near $14.80 and might add further loss in coming trading days. It is better to avoid long positions at the current time and take a short position near $14.80 or the trendline.

Today Critical levels to watch:

Support: $14.80, $14.40

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

Crude oil breakout above $65.00

Crude oil continues upward above Monday high and almost reached $67.20. The price could continue moving higher as U.S waiver to import Iranian oil will end 1st May. China who is the biggest importer of Iranian oil might need to switch their purchases which in the end will rock the supply market.

If there is no change to the situation then crude oil expected to reach $70.00 in the medium-term.

Today critical level to watch:

Support: $65.00, $60.00, $57.60, $55.80

Resistance: $67.20, $70.00