Gold no significant bounce
Gold traded subdued in the first week of June. There is no clear bounce from the blue trendline yet and the precious metal stick below daily SMA 200. The Fed interest-rate decision looms next week, and the market expects 25 bps rate hike.
If the rate-hike followed by the hawkish comment, then we should see further bearish sentiment in gold. Meanwhile, the precious metal expected to trade between trendline and SMA 200.
Today critical level to watch:
Support: $1,280
Resistance: $1,300, $1,320, $1,325
Silver trapped inside triangle
Silver turned sideways after the precious metal could not make a decisive close above either $16.50 and $16.00. There is no clue yet where the price will move next. Traders will wait until break outside of the triangle happens.
Today critical level to watch:
Support: $16.00
Resistance: $16.50, $16.80, $17.00
Crude oil no stop to the bearish pressure
Crude oil is riding a downward wave and not stopping yet after level around $65.00 give way to the bear. The nearest support level to watch is the red trendline followed by $62.80 horizontal support. Will we see a bounce when the price hit the support level?
Today critical level to watch:
Support: $62.80
Resistance: $65.00, $65.78, $70.00