Gold drift lower after rejection

The price rejected from the top of the channel and $1,250 handle, it never closed above the major resistance level. Currently, it looks like gold will continue lower and test daily SMA 200 and the bullish trendline. If both levels are broken, it will trigger sharp selling toward $1,200 – $1,220 area.

Base on situation and time where the monthly candlestick going to close tomorrow, it looks like gold might stick near $1,250. And, the close either side will determine the next trend.

Today critical level to watch:

Support: $1,244, $1,240

Resistance: $1,250, $1,260, $1,270, $1,280, $1,300

Silver risk for a new bearish leg

The optimism in silver is not well received as the price turned lower today. The day has not closed yet, but it might be possible for the price to continue lower. If the price closed below previous day low $16.62, it will confirm the bearish pressure on silver and trigger bearish continuation.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.20, $17.50, $17.73

Crude oil stalled at $45.30

The upward movement of crude oil is expected today after previous day bullish close outside the bearish channel. The price is moving as expected to $45.00 – $45.30 resistance area and stalls inside it. If the bear could bring the price lower and closed it below $45.00, it will open the test toward $44.00.

Further, pressure by the bear below $44.00 will trigger bearish continuation. Otherwise, bounce at $44.00 might form inverted shoulder-head-shoulder pattern.

Today critical level to watch:

Support: $45.00, $44.75, $44.26, $43.76

Resistance: $45.30