Gold sliced through $1,300

The downward momentum of gold should scare bull traders as it sliced through $1,300 support level and closed at the middle of $1,280 – $1,300. It is a bearish event triggered by weaker than expected U.S final GDP data. Analysts and traders expect 2.4% increase but the actual data came out at 2.2%. Global market slowdown leads to the strengthening of the U.S dollar index which caused gold to retreat.

Under the current situation, we think gold will test $1,280 or red trendline.

Today critical levels to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver closed below $15.00

Silver closed lower for the third day and below $15.00 support level. It might be a confirmation that silver will continue its bearish pressure below the support level. At the current time, the bull attempting to maintain the price above $15.00. Will we see a close above $15.00 or another fresh low by the end of the day?

Today Critical levels to watch:

Support: $15.00, $14.40

Resistance: $15.20, $15.60, $16.00

Crude oil bullish close near $60.00

The bull has not let loose the grip on crude oil yet. The price made another bullish close near the resistance $60.00 and currently ready to challenge it again. Traders could prepare for a breakout with top trendline as an upside target. However, if a bearish correction happens, trades could watch $57.60 and the bottom trendline for long positions.

Today critical level to watch:

Support: $57.60, $55.80

Resistance: $60.00, $65.00