Gold rejection from the red channel

Gold has confirmed the bearish reversal today with the rejection from the red channel. The price should continue to move lower toward the blue trendline or $1,300 without any major change in global market sentiment. Currently, the market heavily influenced by optimism the Fed will raise interest-rate more than planned.

Traders who are looking for a long position should wait until a strong reversal pattern appears on the chart.

Today critical level to watch:

Support: $1,320

Resistance: $1,325, $1,337, $1,340

Silver at the intersection

Silver pushed lower today and testing the blue trendline on the daily chart. The price is at the intersection and could either bounce or fall further. Traders could look for a long position, but need to wait until strong bullish pattern or at least two consecutive bullish close happen. On the other hand, $16.50 is a level to look for short position when there is a bearish close below $16.50.

Today critical level to watch:

Support: $16.50

Resistance: $16.80, $17.00, $17.50

Crude oil no new projection yet

There is no change in the crude oil outlook, the price traded at high, and no major correction happen yet. Crude oil expected to maintain its current position with black trendline as the support level and $70.00 as a target.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: $70.00