Gold defensive measure

Gold closed below $1,220 triggered more selling until the precious metal reached a level near $1,200. The price is currently consolidating near $1,210. No indication of a bounce yet at the current level which means more selling is possible. Even though more selling is possible, it is better for traders to wait until gold reach either $1,220 or $1,200 to enter a position.

Today critical level to watch:

Support: $1,210, $1,200

Resistance: $1,220, $1,240, $1,250

Silver traded directionless

Silver enter a consolidation period, and the price traded between $15.20 – $15.60. It could either move up or move down from the current level. We still think the long-term trend has turned bearish and $15.60 will become the cap for upside movement. On the other hand, $15.00 is the nearest target for the bear.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil holding out above $67.20

Crude oil manages to fend of selling pressure by the bear each time $67.20 tested. The price however printed lower high each time it tests the upside resistance. We now have a bearish trendline present, and the bearish pressure seems stronger each time the trendline tested.

Expect a touch at the red trendline or $65.00 to happen soon. The long position might be possible when the bull could reverse the selling near both support.

Today critical level to watch:

Support: $67.20, $65.78, $65.00

Resistance: $70.00, $72.50