Gold resuming bearish trend?

Gold bounce from $1,200 – $1,220 area losing upward momentum and turned downside today. Currently traded at $1,220 and no reaction from the bull. If the bearish pressure mounting, then we should see further selling toward $1,210 and $1,200 soon.

Is it the best time to look for a long position? We think the price needs to show a reaction on the weekly chart first before buying possible. On the monthly chart, gold ready to close near monthly low.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver under pressure

Silver pointed downward as the price could not surpass Friday high, and it prints a bearish candlestick on Monday. A bullish move toward trendline and $16.00 seems far away at the moment. Nevertheless, the precious metal hanging at the middle of $15.00 – $15.60 and could move either way.

It is better for traders to stay sideline until either $16.00 or $15.00 reached.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil failed rally

Crude oil closed below $70.00 after the bull could not secure rally on Monday. The price closed below opening level and relinquish all gains incurred. We think crude oil could tumble further lower toward the red trendline before any significant bounce possible.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50