Gold another rejection from $1,360 handle

Gold move up sharply in the previous week, jumped from the level near $1,310 to $1,360 before closing at $1,346. The close of latest candlestick formed a bearish engulfing pattern which is bearish. However, traders might be able to disregard the candlestick as $50 movement in the previous week is commonly accompanied by 20-30% correction.

If there is no close below Friday low, then gold expected to challenge $1,360 and break it this week.

Today critical level to watch:

Support:  $1,340, $1,337, $1,325

Resistance: $1,360

Silver range bound between $16.50 – $16.80

Silver return above $16.50 prompts the escape from the bearish grip. The price expected to move between $16.50 – $16.80 with a bearish bias. The bearish bias will be canceled if the precious metal could move and close above $17.00.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00

Crude oil more support test

Crude oil finally bounced from the support area $59.00 – $60.00 and head to the $62.80 resistance level.  There is no weakness seen yet near the resistance. Traders could continue to hold long position and exit when there is strong bearish reversal candlestick pattern near $62.80.

Today critical level to watch:

Support: $60.00, $59.00, $58.00

Resistance: $62.50, $62.80