Gold major breakout, heading toward $1,250

The gold break below major support $1,260 – $1,265 on our chart. The situation is bearish, and analyst is writing about death cross in the precious metal. It is an interesting situation as $1,250 is not far from current level and expected to provide mini bounce before the further decline. Traders could use $1,260 – $1,265 as reference area to look for short position when bounce reach the area.

Today critical level to watch:

Support: $1,250

Resistance: $1,260, $1,265, $1,280

Silver resume weakness

A test of $16.50 does not happen because silver fell from $16.45 before it could reach the level. Nevertheless, the bearish trend resume after previous bearish close and silver almost reach $16.00. There is buying done by the bull which pushes the price up. We might see silver close near its opening level and lead to buying tomorrow.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil supported from the fundamental side

Crude oil continues its OPEC driven advance and poked above $70.00 resistance. The upward pressure should continue as analysts project OPEC could not fulfill the production target of $1 million barrels per day. In the long-term, we might see crude oil hovering near $75.00 – $85.00 up 20 – 30% from bounce level around $65.00 – $66.00.

Today critical level to watch:

Support: $66.00, $65.00, $62.80

Resistance: $70.00