Gold searching for buyer

Gold breakdown and settled below $1,250 support level in the previous week. The breakdown is bearish and has the momentum to break further downside. If the bull could not bring the price back above $1,250 early this week, the selling will continue immediately.

Traders who are looking for the long position could enter when there is a major close above $1,250. The upside target is daily SMA 200.

Today critical level to watch:

Support:

Resistance: $1,250, $1,258, $1,280, $1,300

Silver inside bar

Inside bar or harami pattern is two candlestick reversal pattern. The pattern has more weight when it appears after prolong selling or buying. Silver inside bar formation could stop the selling of the precious metal prices. However, the pattern is the only indication and need confirmation. The bull will need to close silver prices above $15.95 or better above $16.00 broken level.

Without any close above both levels, silver should proceed lower to test June’17 low.

Today critical level to watch:

Support: $15.50, $15.00

Resistance: $16.00, $16.50, $16.80

Crude oil, not enough bullish momentum

Crude oil bounce stuck at $57.60 resistance and closed the week below it. Overall, there is bullish momentum to bring the price higher, but it is not enough. If this week, the price could not move above the resistance, crude oil might reverse and resume the test of the black trend line.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $57.60, $60.00, $62.50.