Gold bounced after the retest of $1,280

Gold resume the drop below $1,280 and progressing lower toward $1,260 – $1,265 support area. The bear is in full control of the situation following trade wars fear continue lagging the market. A long position is not suggested at the current level and traders better to start looking for a long position near $1,260 – $1,265 area or lower at $1,250.

Today critical level to watch:

Support: $1,265, $1,260

Resistance: $1,280, $1,300, $1,320, $1,325

Silver escaped downside

It only took three days for the silver bear to reverse the entire short-term trend. The bullish leg started early this month erased in just three days which suggest the bear is real and will kick anyone who is still holding long positions. Watching the rate of fall, silver might reach $16.00 support level before the month end. Next question to ask is: “Will the support level hold and provide traders with long opportunity?”

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil trendline bounce losing steam

Trendline bounce in the previous day could not surpass $66.00, and today it is under threat by the bear. Crude oil slip, but stick near $65.00 level. We might see another trendline test this week and possible breakout lower. It will depend on the trade wars progress and Friday OPEC meeting.

Today critical level to watch:

Support: $62.80

Resistance: $65.00, $65.78, $66.00, $70.00