Gold bounce from support, recovered loss
The sudden sell-off on Monday put the gold price lower. Fortunately, the price bounced from the daily SMA 200 and the long-term trendline. Currently, gold attempt to move higher though it is still lower compared to previous day open. The bull needs the close above $1,260 to cancel the bearish pressure and bring gold price higher toward $1,280 – $1,300 target.
If the price move lower toward the daily SMA 200 and trendline again, it might break lower and cancel overall bullish trend of gold.
Today critical level to watch:
Support: $1,244, $1,240
Resistance: $1,250, $1,260, $1,270, $1,280, $1,300
Silver closed above trendline
Similar to gold, the price of silver experienced sell-off on Monday. Fortunately, the price maintained a close above the broken trendline on daily chart despite the lower low printed. Judging from the price closes, silver might start a bullish leg from the current level to test $17.00. A break above $17.00 will smooth the way toward $17.73 and higher.
Today critical level to watch:
Support: $16.50, $16.00
Resistance: $16.80, $17.00, $17.20, $17.50, $17.73
Crude oil no change to bearish outlook
Crude oil price takes breather at the start of this week. The price is moving higher on Monday and Tuesday trading session and looks testing the resistance. The trend of crude oil stay bearish as the price moving inside the bearish channel, it is critical for the bull to make a breakout above the bearish channel. Otherwise, the bear will continue to bring the price lower.
Today critical level to watch:
Support: $43.15, $42.20 (Nov’16 low), $40.00
Resistance: $43.76, $44.26, $45.00