Gold further weakness after a breakout

There is no stop yet to the bearish movement of gold. The precious metal closed below $1,300 in the previous week and currently under pressure. Looking at the bearish pressure, it seems gold might reach $1,280 support level this week. It is better to avoid long positions at the current time and only take the positions near $1,280.

Today critical levels to watch:

Support: $1,280

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

Silver maintain the position near previous week low

Similar to gold, the price of silver experience strong bearish pressure and dropped below $15.60 to close below $15.20. Today, there is a bullish attempt to push the price above $15.20. However, the price rejected from the resistance and currently testing the previous week low. If the bearish pressure continue then traders could expect continuation toward $15.00

Today Critical levels to watch:

Support: $15.00, $14.40

Resistance: $15.20, $15.60, $16.00

Crude oil stay above $55.80

No breakout yet from $55.80 – $57.60 range in crude oil. The price might decline at the end of the previous week but there is no significant close below $55.80 yet. Today, the bull makes the price bounce and looking to add more gains. We expect crude oil to continue its ranging movement between $55.80 – $57.60.

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60