Gold failure at trendline

Unexpected close in gold price, the precious metal failed to maintain its position above its bullish trend line. The price fell and continue its descent today targeting $1,200 – $1,220 area. Even though it is bearish for gold, the price might find support when it reaches $1,200 – $1,220 area and traders could look for golden opportunity to take a long position.

Today critical level to watch:

Support: $1,220, $1,200, $1,184

Resistance: $1,237, $1,244, $1,250, $1,280 – $1,300

Silver abrupt reversal at $18.50

Abrupt reversal happened in the silver price. The bullish trend suddenly enters unfavorable situation as the price falls back below the bearish trendline. If no bounce and price are moving lower below $17.00, traders could expect more weakness on the card. Meanwhile, keep watching on how silver price move and look for bullish pattern formation when support tested.

Today critical level to watch:

Support: $17.50, $17.20, $17.00, $16.75

Resistance: $18.00, $18.50, $18.90, $19.00

Crude oil continue indecisive

Although the outlook is bullish for crude oil, the price reluctant to make a move outside of the bullish pattern. No change in outlook of crude oil, previous day inventory report in line with the expectation of 1.5 million barrels increase which shows no trigger. Yellen speech at the end of this week might become a trigger for a breakout.

Today critical level to watch:

Support: $52.40, $51.93, $50.50, $50.00, $49.60

Resistance: $54.50, $55.00