Gold breaks lower below $1,700

Gold prices closed lower in the previous trading day, settle near the $1,680 support level. The price extend its bearish movement today and fall below the $1,680 support level. If the bearish pressure persist and break below previous week low then traders will expect gold to extend its bearish movement toward $1,650 and $1,600

Today critical levels to watch:

Support: $1,650, $1,600

Resistance: $1,680, $1,700

Silver bearish engulfing pattern

Silver could not breakout and close above $15.20 resistance. The price rejected from the resistance level and formed a bearish engulfing pattern. Today, there is a bearish attempt but still limited inside the previous day range. As long as the bearish pattern not confirmed to the downside then silver still has the chance to move higher.

Today Critical levels to watch:

Support: $14.40

Resistance: $15.00, $15.20, $15.60

Crude oil reached the target $20.00

Target has been reached in crude oil bullish movement. The price slowly move lower after the target reached and currently will look for support to bounce. Traders could use the bottom of the channel or the horizontal line as the level to look for long positions.

This month, OPEC production cut is implemeted and migth give more bullish pressure to the crude oil prices.

Today critical level to watch:

Support: $18.00, $16.00

Resistance: $20.00