Gold bull giving up

Gold breach $1,240 support level and dive to close the day near red trendline. The bearish pressure has not subsided and the price almost touches $1,200 – $1,200 area. It is a major breakout on the precious metal, and now $1,240 will act as resistance level when the price manages to get there.

Long position inside $1,200 – $1,220 might be the best option for now. However, bullish confirmation needed before placing any position. On the other hand, $1,240 is the best level to look for a short position.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver no hope for the bull

Silver breakthrough major support trendline and providing no more bullish outlook on the daily chart. Although it is extremely bearish, there is last chance for the bull. The bull needs to bring the price close above trendline or $16.00 by the end of the month to turn the breakout into a false breakout.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil may weaken more

Crude oil print a fresh bearish close though smaller candlestick compared to $70.00 breakout candlestick. The price might continue under pressure following strength in U.S dollar. Today, the market will focus on U.S crude oil inventory data. Estimate show deficit of 3.4 million barrels. Higher deficit might help the crude oil to recoup losses this week.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50