Gold waiting for bounce

First attempt at $1,200 – $1,220 result in a close right at $1,220. The gold price open Tuesday trading session in positive, there might be a technical bounce on the making. If bounce happens, the bear should watch $1,250 as a possible safe level for short position.

Today critical level to watch:

Support: $1,220, $1,200, $1,190

Resistance: $1,250, $1,260, $1,270, $1,280, $1300, $1330

Silver continue bearish

A close below $17 in silver is a good sign that the bear wants a lower close in the precious metal price. Blue S-R level on the chart is weekly level if the price move lower we will see $16 visited soon. A close above $17 will create false break situation for the bear and could turn the situation into bullish.

Today critical level to watch:

Support: $16.00, $15.80

Resistance: $17.00, $17.50, $18.50

Crude Oil bullish megaphone bounce

Confirmed megaphone bounce happened Yesterday after the price touched the lower part of the megaphone. The bearish pressure might already over for now until the price reached the upper part of the megaphone. There are clusters of resistance present though at $44.20 – $45 which might stop any upward movement.

Today critical level to watch:

Support: $43.15, $42.50, $41.10

Resistance: $43.57, $43.90, $44.26, $44.70