Gold possible bounce from support

The price of gold continues its path downward today and almost reached $1,300 handle. However, the bull bought the precious metal from $1,306 low and currently gold traded at $1,315. The bounce might be a sign that the precious metal ready for another bullish round.

The upside target for the bullish move could reach above $1,360 where the price start fell previously.

Today critical level to watch:

Support:  $1,300

Resistance: $1,320,$1,325, $1,337, $1,340

Silver $16.50 test and down?

Silver closed below $16.50 support level and opened the bearish scenario to test $16.00. The bull returns to the market today and brings the price near the red trendline. Will the price continue upside to test $16.50 and start moving down again?

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil undergo correction

Crude oil prices finally breakout from $62.80 – $65.00 area. The price might continue downside and reach $59.00 – $60.00 before any bounce. However, it is also possible to move up and test $62.80 before deciding next direction. Traders could look for short position when the price hit $62.80 and long position when it moves near $59.00 – $60.00 area.

U.S crude oil inventory logged slightly lower surplus than expected. The data shown surplus of 1.9 million barrels vs. 3.2 million barrels expectation. The number is good for oil bull, but the price seems under pressure following the risk-averse stance was taken by the global market participant.

Today critical level to watch:

Support: $60.00, $59.00

Resistance: $62.50, $62.80, $65.00