Gold hard break below daily SMA 200

There is no reason to stay bullish in gold, the price slide fast to reach the next major support level. It is holding the position near $1,200 – $1,220 as expected and attempting bounce from it. Judging the situation, it looks like gold could slide further lower after the distribution period finished.

The previous swing low is $1,214, and a close below this level will put gold under more pressure. Next possible movement of gold is the test of daily SMA 200 or test of the top of the channel.

Today critical level to watch:

Support: $1,220, $1,214, $1,210, $1,200

Resistance: $1,235, $1,240, $1,244, $1,250, $1,260

Silver possible bottom?

The slide in gold also experienced in silver where the price slide significantly to reach $16.04 low. If silver could not bounce from the current level and move lower below $16.00, it will trigger more bearish trend in silver. Meanwhile, traders could look for a long position with a tight stop below $16.00.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil flirting with resistance

Crude oil continues its upward movement and moves inside the resistance area $46.50 – $47.00. The price closed at $47.05 on Monday which show the bull intention to break higher. Fortunately for the bear, the price has not made a clear break, and it could reverse the direction.

There is crude oil inventory news on Thursday and FOMC meeting minutes on Wednesday which might move the crude oil price. A bounce is favored more than a break upside.

Today critical level to watch:

Support: $46.72, $46.45, $46.00, $45.30

Resistance: $47.00, $48.00