Gold looking to test $1,240

Gold bull is persistently holding the precious metal from falling further below $1,220. This week we might have seen the temporary floor for gold to bounce higher. We are expecting the precious metal to test $1,240 before any downside in price.

Although gold ready to bounce, it is better for traders to stay sideline for now and look for short position only as the major trend is bearish.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver crawling up, erasing losses

Silver had started the upward correction before the July price closed. We predict silver will close near trendline or $16.00. Traders who are looking for short positions could place the position near trendline or $16.00. More conservative traders could wait until monthly close to determine if the bear still in control.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil flat before inventory data

U.S inventory data is due on 10.30 AM EST, and forecast sees a deficit of 2.6 million barrels. At the moment, any numbers from crude oil might not move the price as global market attention focused on President Trump and Jean Claude Juncker meeting.

Technically, upward movement from current level followed by a close above $70.00 could trigger a new bullish trend.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50