Gold due for correction

Gold start its descend today after holding up near $1,320 for three days. The downward movement currently testing previous day low and might break when U.S market open. The trend is bullish which suggest it is better for traders to look for long position near support. Nearest support to watch around $1,300 – $1,305.

Today critical level to watch:

Support: $1,300, $1,280

Resistance: $1,320, $1,337

Silver slide below $17.00

Silver prices sloped down today and gave up $17.00 handle after five straight day trading above it. A short position could be successful, but there is $16.80 support level and $16.50 below it. We expect the price will make the last test at $16.50 and decide next long-term direction.

Today critical level to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50

Crude oil waiting for next direction

Crude oil is sitting in resistance, and it seems the bull has not finished yet in pushing the price up. Shorting at current level has a high-risk reward as crude oil testing 2015 high, but there is a high possibility of breakout upside. Aggressive traders could place tight stop order around $63.00 – $64.00, while conservatives continue to observe price reaction near resistance.

Today critical level to watch:

Support: $60.00, $57.60

Resistance: $62.50