Gold progressing lower

There is no good news for gold bull as the price continue moving lower. The price is moving inside bearish channel as expected and shows no sign of leaving the channel. Currently, gold is inside $1,200 – $1,220 support area which is a major support area. Although it looks there is the chance for a bounce, we could see the price print a lower low.

The creation of lower low on the daily chart is bearish and change the overall view on gold. Under the current situation, traders suggested looking for short position rather than long position. The break below $1,200 will trigger sharp selling.

Today critical level to watch:

Support: $1,210, $1,200

Resistance: $1,214, $1,220, $1,235, $1,240, $1,244

Silver loss of opportunity

There were opportunities for the bull to bring the price higher, but it looks like the victory seized by the bear. The break and close below $16.00 are significant and closed the chance for a bounce. Currently, the bear is looking for another opportunity to bring selling momentum into the precious metal.

If silver could move lower and closed below the support trendline, it will have a breakdown in price.

Today critical level to watch:

Support: $15.61, $15.00

Resistance: $16.00, $16.50, $16.80, $17.00

Crude oil reversed and ready for more slip

In the previous week, we write about possible reversal from the $46.45 – $47.00 resistance area and crude oil followed through by moving lower toward $43.91 – $44.75 area. This area is a major support area which already broken from the previous drop with low of $42.05.

If crude oil could not reverse and bounce from current support area, it might continue lower below $42.05.

Today critical level to watch:

Support: $44.26, $43.91, $43.15, $42.05

Resistance: $44.75, $45.30, $46.00, $46.45