Gold no bullish continuation

Last week has been strong week for gold as it climb above the high printed at the beginning of month. However, there is no bullish continuation yet this week as the price pushed lower. It seems the consolidation will continue for gold price and a close above previous week’s high will confirm a bullish continuation. Traders who has long positions will place stop order below $3,247 or $3,282

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver first target reached

Silver prices extended the bullish movement and completed the 127.2% Fibonacci extension target at $38.80. The price turn lower today as profit taking place. If the price could stabilize near the current level, then it will resume the bullish movement this week. On the lower side, $37.25 is the resistance turned support level now. Traders will use the level as a place to add long positions when there are bullish reactions.

Today’s Critical levels to watch:

Support: $35.25

Resistance: $38.80, $40.00

Crude oil bearish reversal

The situation is not good for crude oil bull, as the price could not surpass the $70.00 level. We have a possible bearish flag forming where a breakout below $63.89 will become a confirmation for movement to target $54.50 – $55.50. Traders better monitor closely the price reactions inside the channel for now. Bearish fake out could happen too and invalidate the bearish pattern.

Today’s critical level to watch:

Support: $65.00, $60.00, $52.4

Resistance: $67.20, $70.00, $77.13