Gold targeting lower level

Gold closed down in the previous day after the test of $1,280 result in rejection. Continuous lower close on the daily chart suggests the precious metal has more room downward. $1,260 – $1,265 is an appealing area to watch as the target for the downward movement.

Long position at the current level is not suggested, it is better to wait until gold falls further.

Today critical level to watch:

Support: $1,265, $1,260

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

Silver confirmed breakout below trendline

The silver path toward $16.00 might be smoothened out Yesterday after the precious metal closed below the black trend line. It is clear the bear is in control, and the market needs a major event to overturn current bearish pressure. We expect silver to continue its downward movement and reach $16.00 support soon.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil bouncing up and down between $65.00 – $66.00

The trend of crude oil turned sideways as OPEC will meet at the end of the week. Today, there are U.S crude oil inventory data. The expectation is a deficit of 2.1 million barrels; deeper deficit will help crude oil maintain position above $65.00 – $66.00 area. On the other hand, a surplus is the undesirable scenario and could push oil lower to test $65.00.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: $66.00, $70.00