Gold rejection from top channel

Gold move as projected, the precious metal bounce from the bottom of channel reached the top of channel Yesterday. Immediately after the top of channel touched, the bear comes into the market and push the price lower. On the daily chart, we have a close below $1,280 and prolong gold struggle near the resistance.

Overall, there is no change in the gold trend, and it is expected to continue the movement inside the channel. On the longer term, we have bearish bias and think gold could continue lower to its daily SMA 200 and the red trendline.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337

Silver waiting for a triangle break

Silver rejected from top of triangle range, and the price continues waiting for a breakout. There is nothing to expect yet at the current situation. It is better to stay sideways on silver.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.20, $17.50, $17.73

Crude oil waiting for trigger

Crude oil prices little changed yesterday after the release of U.S crude oil inventory which increased more than expected. U.S crude oil inventory recorded surplus of 2.1 million barrels vs. a deficit of 1.9 million barrels expectation. The surplus might not be a surprise as oil production in U.S returns to normal after hurricane attack.

If the price could maintain position above the support level, it is possible for crude oil to advance to $60.00

Today critical level to watch:

Support: $55.23, $54.50, $52.40

Resistance: $56.00, $60.00, $62.50.