Gold $1,220 touch down

Gold touch down at $1,200 – $1,220 support area Yesterday and made $7 bounce. The price still weak today as it slides to $1,224. However, we expect the precious metal to stage a bounce and test $1,240 before further downside. Before placing long position, it is better to have two consecutive bullish close. The trend continues bearish, and the best position to look is short from $1,240.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver descend slowly

No change in the analysis of silver, the price could continue lower from the current level. Change in outlook will happen only when the price climb and close above the trendline and $16.00 broken level.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil bullish engulfing

The surplus of 5.8 million barrels in U.S crude oil inventories yield an opposite result in the crude oil. The price jumped Yesterday and print a bullish engulfing pattern. The pattern is positive and if confirmed, will lead to the bullish continuation. The key for the rest of this week is a close above $70.00 to create false breakout situation below $70.00.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50