Gold bounced from the trendline

Three bearish days might dishearten the market but it seems the bull does not let the bear continue its downward stride. Today, gold bounced sharply from the black trendline and moving in strong momentum. We maintain the outlook that the precious metal will continue its bullish trend toward $1,250 and daily SMA 200.

Traders who have long position could place a stop order to a level below $1,210. A short position is not suggested at least until gold reach $1,250 or SMA 200.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240, $1,250

Silver return inside the triangle

A breakout happened in the previous day after silver closed below $14.40 and outside of the triangle pattern. It is bearish, but the bull swiftly pushes the price upward, back inside the triangle which might cancel the breakout. Currently, the market still open and the bull has more advantage than the bear. A close inside the triangle will lead silver to neutral situation and trade inside triangle again.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil head below the water

Strong gravity held down crude oil and the price continues its descend inside the bearish channel. It is a steep channel which has less validity, but the downward movement has strong momentum and sees no end yet. Traders might want to wait until the bearish momentum recedes before placing long position. $60.00 might become the level for crude oil to bounce.

Today critical level to watch:

Support: $63.00, $61.79, $60.00

Resistance: $65.00, $65.78, $66.00