Gold under tricky situation
Gold could not shake the bearish pressure since the move down below $1,250. The price continues under pressure though supported at $1,240. On the downside, there is support daily SMA 200 and trendline which is a strong support level. On the upside, bearish channel holding the price from bouncing up.
This week, gold looks will close near $1,240 handle. If the bear could push the close below $1,240, it might shift the sentiment for next week into bearish which is unlikely. It is better for traders to watch the close and open new position next week base on the close.
Today critical level to watch:
Support: $1,240
Resistance: $1,244, $1,250, $1,260, $1,270
Silver triggered bearish engulfing
The bearish engulfing pattern from previous trading day triggered today but does not produce many results for the bear. The price returned above previous day low after the break and stay above it. There is no bearish confirmation yet which tell traders to stay sideline.
Today critical level to watch:
Support: $16.50, $16.00
Resistance: $16.80, $17.00, $17.20, $17.50, $17.73
Crude oil escaped bear grip
The bear manages to close the price below $45.00 handle Yesterday, but there is no follow through, and the price makes sharp break upside today. It seems bear traders need to wait under current strong momentum. The resistance area between $46.45 – $47.00 might not able to hold the bull but worth to watch.
Today critical level to watch:
Support: $45.30, $45.00, $44.75, $44.26, $43.76
Resistance: $46.00, $46.45, $46.72