Gold close below bearish channel

The close below the bearish red channel put gold future into question. Traders become skeptical on the bullish future of the gold after the Friday test also end on the bearish side. In the daily chart, there is triangle formation formed between the channel and $1,100. As long as the gold can maintain its position above the $1,100, there is a chance the price could move up.

Today critical level to watch:

Support: $1,100

Resistance: $1,138, $1,150, $1,160, $1,166

Silver crucial moment

A sudden drop from $17 to $16 put silver back in the flip level test. Will it bounce and reverse the trend since July fall? Alternatively, will it continue lower on the strength of U.S dollar index. $16 is the key, and the bull trader will try to maintain the price above it.

Today critical level to watch:

Support: $16.00, $15.80, $15.50

Resistance: $16.24, $16.40, $16.50, $16.75

Crude Oil bounce from $50

The fall in global market trend caused by U.S dollar is not an exception for the Crude oil price. The price encountered pressure from the bear and attempted lower close below $50. Fortunately the price able to bounce from the support level. The sentiment after OPEC is stronger, but for how long? while analysts predict higher oil price next year, they are also skeptical on the implementation phase.

If the implementation of production cut failed, the price of crude oil might fall to as low as $30.

Today critical level to watch:

Support: $50.50, $50.00, $49.60

Resistance: $51.93, $52.40, $54.50, $55.00