Gold stay below trendline

Gold on the path lower after it could not move above the black trendline and test $1,300 again. Bearish sentiment in gold should reach $1,280 soon and test it. Whether break lower or bounce happen, traders will continue trade the range between $1,280 – $1,300.

Meanwhile, it is the time to short gold.

Today critical level to watch:

Support: $1,280

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

Silver triangle consolidation

Silver could not move above $16.50 and rejected from the resistance. We could see a triangle pattern on the daily chart and silver expected to trade inside it. Currently, the precious metal ready to test the bottom of the triangle. Under the current situation, the sentiment favor bearish scenario and breakout lower favored.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil maintain altitude, aim for the second extension

Crude oil turns lower after the first Fibonacci extension level reached. There is no strong bearish momentum, and it looks like the price could continue higher to reach the second extension. However, a correction from current level is wanted as traders looking for a long position near $70.00 breakout level.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00