Gold retreat from $1,300, broke below $1,280
The gold bull is not in a good shape as the price fell below $1,280 after rejection from $1,300. The precious metal also fell below trendline and channel line which add more weight to the current break lower. This week, traders could expect gold to continue its downward movement and target $1,260 – $1,265.
However, if the bull could return the price above the trendline and $1,280 then it is possible for gold to range between $1,280 – $1,300.
Today critical levels to watch:
Support: $1,265, $1,260
Resistance: $1,280, $1,300, $1,320, $1,325
Silver maintaining bearish momentum
There is hardly a reason to switch to the bullish side in silver. The price extends its bearish movement and closed below $14.40 last week. It is expected to continue its bearish movement and target $14.00 in the long-term. Traders could look for long positions when the price hit $14.00.
Today Critical levels to watch:
Resistance: $14.40, $14.80, $15.00
Crude oil hanging at the middle of $60.00 – $65.00
In the previous week, crude oil suffers loss at the beginning of the week. But, the bearish movement did not continue and the bull slowly takes control from the bear. The price climbed for the third day and challenge the Monday high before a bearish close.
This week, traders could expect crude oil to add more gain and target $65.00.
Today critical level to watch:
Support: $60.00, $57.60, $55.80
Resistance: $65.00, $67.20, $70.00