Gold breakout below the channel

We have a breakout yesterday as gold prices closed below its bullish channel. The breakout is valid and currently, the bear followed through by pushing the price further lower. Without any change in the sentiment then gold expected to hit $1,300 in coming days or weeks. Traders could prepare for long positions when the price hit the support level.

On the other side, if the bull manages to bring the precious metal near to the broken channel then traders could prepare short positions.

Today critical levels to watch:

Support: $1,300

Resistance: $1,320, $1,325, $1,330, $1,337

Silver extends decline

The decline of silver continues today after the precious metal closed below its bullish channel. No reason to maintain long positions at the current time as long as silver stay below $15.60. If the bull could push the price higher and close above $15.60 by the end of the week then silver might stage a rally next week.

It is better to wait either a close above $15.60 or the price hit $15.20 before placing any long positions.

Today Critical levels to watch:

Support: $15.20, $15.00, $14.40

Resistance: $15.60, $16.00

Crude oil breakout above $57.60?

Crude oil upward pressure continues yesterday and the price closed on the positive side. Today, the bull follow through by bringing the price to test $57.60 resistance. Will the price continue further upside and test the top trendline? Alternatively, will the bull return to the market before weekly close?

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60