Gold waiting for a catalyst

The price of gold mostly sideways near $1,280 and searching for the next direction. The precious metal expected to continue supported by the trendline and target the top of its bearish channel. Currently, the daily range shrinks each day and we might see major movement soon.

Today critical levels to watch:

Support: $1,280, $1,265, $1,260

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

Silver bounced from $14.80

Silver managed to close the day above $14.80 and averted breakout below the level. At the current time, it seems the precious metal extended the consolidation between $14.80 – $15.00 and will wait for a breakout. We suggest traders stick to short positions as the overall trend is bearish.

Today Critical levels to watch:

Support: $14.80, $14.40

Resistance: $15.00, $15.20, $15.60, $16.00

Crude oil rejected from $65.00 resistance

We have seen the bull attempted to bring crude oil back to its bullish track. The price climb toward $65.00, but at the end of the day, crude oil rejected from the resistance and closed the day as bearish pin bar pattern. Today, traders could expect further bearish pressure to test the bottom of the pin bar. A close below the pin bar pattern will assure bearish movement toward $60.00.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00