Gold stuck inside bearish channel

The bull is getting impatient to bring gold higher as it hovering inside $1,200 – $1,220 support level. Unfortunately, it looks like the gold price would not budge from the bearish channel. The price initially moves higher above $1,220 and the bearish channel, but it looks like it will close inside the range again.

Traders could look for a short position at current level with a stop above $1,225. The target of the short position is below $1,200 which provides us with good risk and reward ratio.

Today critical level to watch:

Support: $1,214, $1,210, $1,200

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

Silver mild rejection

Break and re-test are what we wait in silver, and it looks like there is small rejection from the $16.00 broken support. If the bear could push the price lower in Friday trading session and bring the price near the trendline, it will warrant more selling in silver.

Otherwise, a close above $16.00 by the end of the week, will cancel bearish outlook in silver.

Today critical level to watch:

Support: $15.61, $15.00

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

Crude oil aiming for a break above $47.00

Although the price of crude oil show rejection from $46.45 – $47.00 resistance area, the price show accumulation and might gain momentum upside. Thursday candlestick might close near previous day high, and it is bullish, though the break above $47.00 might not happen this week, it is setup for the coming week.

Long position near $45.00 – $45.30 is the one traders could look for, and short position might need to wait until strong bearish pattern near $47.00 formed.

Today critical level to watch:

Support: $45.30, $44.75, $44.26

Resistance: $46.00, $46.45, $47.00