Gold another bounce from the triangle

Gold bounced from the triangle at the end of the previous week, but the bounce immediately reversed today when it gets near $1,337. If the precious metal could not reclaim level above $1,337 soon, then it is possible the bear is in control and will start to push gold down.

No position suggested yet, but traders could focus attention on the top of triangle and $1,337 handle.

Today critical level to watch:

Support: $1,325, $1,320

Resistance: $1,337, $1,340, $1,350, $1,360

Silver stay inside triangle

Silver traded inside the triangle consolidation and might stick inside the range further. There is no change to the outlook, and traders could trade the range until breakout happens. We favor downside breakout at the current time as silver stay below $16.50 most of the time.

Today critical level to watch:

Support: $16.30, $16.00

Resistance: $16.50, $16.80

Crude oil targeting the red trendline

There is nothing to hold the bear from pushing crude oil further lower this week. The price is in a weak state and broke below $62.80 on Friday last week. This week, traders could look for the short opportunity near the breakout $62.80 level with red trendline as the target.

Today critical level to watch:

Support: $62.50, $60.00, $59.00

Resistance: $62.80, $65.00, $65.78