Gold drop from $1,325

Gold rejected from top of the blue channel and the $1,325 resistance level. The bearish reaction is expected, and the precious metal should continue lower until it reaches the bottom of the channel. Another level to watch is $1,310 where the bull halted the price several days above it.

The break of support channel will lead gold down to test $1,280 – $1,300 support area.

Today critical level to watch:

Support:  $1,310, $1,300

Resistance: $1,325, $1,337, $1,340

Silver stay in tight range

There is no change in silver price outlook as the precious metal traded with a tight range of 20-30 cents with one or two breaks outside it. Traders could see the orange box where price movement limited. Will the bull bounce the price from the bottom of the box again?

Today critical level to watch:

Support: $16.30, $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil traded lower

Crude oil prices experienced selling after U.S inventory data jumped more than expected. The crude oil inventory recorded 5.0 million barrels surplus while expectation sees increase of 2.2 million barrels only. The price of crude oil slip outside of the triangle but showing no downward momentum.

If the bull could maintain the price above the red trendline, then we might see crude oil stage another rally. Otherwise, a break below the trendline will break $59.00 – $60.00 support and spur selling.

Today critical level to watch:

Support: $60.00, $59.00

Resistance: $62.50, $62.80, $65.00, $65.78