Gold six consecutive lower close

The descent of gold price enters a dangerous period as the price move down in six consecutive days. The price might continue its descent and reach $1,180 where previous extreme low present. If the price closed lower than $1,180, gold will erase all gain and re-enter long term bearish trend.

On upside, $1,200 – $1,220 turn into resistance once again.

Today critical level to watch:

Support: $1,184, $1,180

Resistance: $1,200, $1,220, $1,237, $1,244, $1,250

Silver losing more ground

Silver is mimicking gold price movement and move lower below $17.00 support. The move below $17.00 is critical and open scenario toward $16.00. Traders might need to wait further until the price formed bullish formation before placing any long position.

Today critical level to watch:

Support: $16.75, $16.00

Resistance: $17.00, $17.20, $17.50, $18.00, $18.50

Crude oil dive lower

Mysterious breakout in crude oil price answered by the report from Repsol (REP). The company reported a discovery of massive oil field in Alaska with an estimate of 1.2 million barrels worth. This is the largest onshore discovery since 30 years ago noted by Repsol.

This report is not good for crude oil bull as the price broke bullish ascending triangle and threatened to move lower. Fortunately, the price bounced from $48.50 as shown in previous day projection. Although the pattern was broken, there is hope the price will reverse and close back above the triangle high at $54.50. Traders could use the price slip as a chance to add more position and wait for the reaction from OPEC member on the oil price.

Today critical level to watch:

Support: $49.60, $48.50, $48.00

Resistance: $50.00, $50.50, $51.93, $52.40