Gold returned to test $1,240

Gold could not break $1,260 – $1,265 after five-day consolidation near it. The precious metal slides down from $1,260 to $1,240 just in two days. There is small buying by the bull today, but we think it is a temporary reaction from the support level and breakout below $1,240 might happen soon.

Traders might want to stay sideways for now and take a short position only after breakout below $1,240 happen.

Today critical level to watch:

Support: $1,240, $1,236

Resistance: $1,250, $1,260, $1,265

Silver enter long-term bearish trend?

Silver slips below $16.00 again and under risk of breakout below the trendline. The trendline is long-term support and breakout below the trendline will trigger major sell-off. Currently, no breakout happen yet, and silver bull could attempt to shift the price back above $16.00 to avoid long-term bearish scenario.

Today critical level to watch:

Support: $15.60

Resistance: $16.00, $16.30, $16.50

Crude oil tumbled on Trump

Crude oil rejoiced on a wider deficit in U.S crude oil inventories which record deficit of 12.3 million barrels vs. a deficit of 4.1 million barrels expectation. Unfortunately, President Trump slams silver with more planned tariffs on China products. Technically, $70.00 is major support level for crude oil, however, under strong bearish momentum, it might break.

Today critical level to watch:

Support: $70.00

Resistance: $72.50, $74.80, $75.00