Gold escaped bearish channel

Gold took a decisive movement in the previous week and close outside of the bearish channel, though it is still below the daily SMA 200. The current outlook for the precious metal turn to neutral, and traders will watch how the price perform between $1,220 and daily SMA 200 this week.

Traders might want to avoid shorting the precious metal as the bullish momentum is strong. Wait until the bearish pattern formed before placing position. A close above SMA 200 will bring gold to test broken trendline.

Today critical level to watch:

Support: $1,220, $1,214, $1,210, $1,200

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

Silver bullish attempt at $16.00

The price of silver attempt to move higher in the previous week and test $16.00 handle. Unfortunately, it could not close above $16.00 and let the outlook for the week stay neutral. This week, we expect the price to stick near $16.00 and wait for news catalyst for the movement.

If the price continues moving down, it will test the long-term trend line before deciding next direction.

Today critical level to watch:

Support: $15.61, $15.00

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

Crude oil closed near resistance

The price of crude oil experience further increase and closed as strong bullish candle. This week, the price might continue upside and test $47.31 high. The breach above this high will bring crude oil to $48.00 – $49.00 area. Meanwhile, traders might want to look reaction at $47.31. If bearish candlestick pattern formed, traders might need to assess whether the pattern is strong compared to previous week candlestick.

Today critical level to watch:

Support: $46.45, $46.00, $45.30, $44.75

Resistance: $47.00, $47.31, $48.00, $49.00