Gold rejected from the level near the top of the channel

The upward movement of gold in the previous day surpass previous week high, but the price reversed before it hit the top of the channel and closed the day bearish. Fortunately, the price closed above $1,280 and no breakout below the support trendline. Gold still has a chance for a bounce from both support levels and traders could look for long positions.

Today critical levels to watch:

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

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

Silver consolidation between $14.80 – $15.00

Silver made another bearish close but no strong breakout from $14.80 –  $15.00. The price might continue its sideways movement inside the range $14.80 – $15.00 for now.

Today Critical levels to watch:

Support: $14.80, $14.40

Resistance: $15.00, $15.20

Crude oil range tighten

Crude oil closed lower in the previous trading day, but the overall outlook is sideways. The price range continues to tighten each day and each close inside its previous day range. Although the long-term outlook is bullish, it is possible for the price to continue lower and make another test on $60.00 support level.

Traders could wait near the support level to enter long positions.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00