Gold stuck near support

Gold open the week near the support level $1,220 and not much movement from the level. Traders and investors are waiting for the monthly candlestick close which will happen after Tuesday close. There is no strong reaction yet and suggest the precious metal will close near the support level.

It is possible gold will bounce sharply at the opening of August. However, it is also possible to tumble to new low if U.S dollar index stages another rally.

Today critical level to watch:

Support: $1,220, $1,200

Resistance: $1,240, $1,250

Silver progress below $15.60 support

The bear comfortably holds silver below $15.60 and aiming to secure first monthly close below $15.60 since Dec’16. It will be a crucial close for silver bear, and downward continuation has high-odds in the coming month. Traders who are looking for the short position might want to wait until the monthly price close to determining if the bear will follow through.

Today critical level to watch:

Support: $15.00

Resistance: $15.60, $16.00, $16.30

Crude oil new triangle pattern

Crude oil climbed after the drop below $70.00 in the previous week. Today, the bull manages to test $70.00 and not losing much of the winning. It seems the price will close near $70.00 by the end of the month. Base on the triangle pattern on crude oil chart, we think as long as $70.00 holding out, crude oil could start a new bearish trend.

No conclusion yet at the moment.

Today critical level to watch:

Support: $65.78, $65.00

Resistance: $70.00, $72.50