Gold on the verge of breaking down

The closure of gold below $1,280 might be a tip of the bearish iceberg. The bull is losing grip and might be ready for SMA 200 test. If the bull could not hold selling pressure near the support level, it will slide into the bearish trend. While it is bearish, the successful bounce from daily SMA 200 is a great opportunity for a long position.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337

Silver more downside expected

The silver trend has switched to bearish since the breakout of the triangle and close below $16.50. The price expected to continue its downward movement to test $16.00 support. Traders could consider the long position if silver bull could reverse the bearish trend near $16.00.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00, $17.20

Crude oil waiting for catalyst

Crude oil has bullish confirmation from fundamental side, but the price continues sideways near the support level. The trend is upward which is no reason to sell short. If the bull continues the buying, crude oil should reach $60.00 in coming weeks or months. As the price approach $60.00 handle, it is expected to experience profit taking before further upside.

Today critical level to watch:

Support: $57.60, $56.00, $55.23, $54.50, $52.40

Resistance: $60.00, $62.50.