Gold breakdown below channel

Gold prices finally take a downturn and break below its bullish channel. The breakout below channel is bearish, but gold needs to break below daily SMA 200 to completely reverse the trend to bearish. Currently, the price is testing the averages, and there is no winner yet. Traders will watch where the price close by the end of the day.

A close below SMA 200 is a break and not necessarily followed by a sharp move lower. The precious metal might move sideways near the support. All will depend on the momentum.

Today critical level to watch:

Support: $1,258, $1,250

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

Silver halfway from support level

Silver makes no surprise as the price continue its journey lower. The precious metal weakness soon will reach the target support at $16.00. Traders might take a breather at the support level and wait until strong momentum to break the support.

Today critical level to watch:

Support: $16.00

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

Crude oil maintain status quo

Crude oil has not made any movement away from $57.60 level. The price continues traded up and down the level and show indecision. Tomorrow U.S crude oil inventory data might become the news mover for crude oil. Traders might want to stay sideways and watch if crude oil could maintain the $57.60 level.

Today critical level to watch:

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

Resistance: $60.00, $62.50.