Gold losing momentum

Gold bullish bounce at the end of the previous week continues today as the price move above previous week high. However, the bullish movement losing momentum and move back below today opening level. Overall direction for gold is bearish for medium and long-term which suggest traders to avoid long position.

A short position near $1,240 is the only easiest textbook trade traders could take with low risk.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver corrective movement

Silver printed a bullish harami candlestick pattern on Friday which is a bullish pattern. The situation is neutral at the moment, and the price continues traded inside Friday candlestick range. Traders are in a wait and see mode and waiting for momentum movement in silver.

There is chance silver could stage a comeback rally above $16.00 and cancel the breakout by closing the month above it.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil contract rollover

A gap produced on crude oil chart and blurred previous week rally above $70.00. If the bull continues its uptrend, then we should see crude oil climb and close above $70.00 by the end of the week. On the other hand, weakness below previous week low will cancel the bullish outlook and encourage another test on the red trendline.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50