Gold preparing for next leg down

Gold closed another weak candlestick below $1,280 and made the situation more risky for the bull. If the price pushed down today, it will target daily SMA 200 and might extend to the red trendline. The bull needs a close above $1,280 this week to cancel this scenario. Traders could continue to use $1,280 as a selling point while waiting for U.S Non-farm employment data released today.

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337, $1,390

Silver neutral close at resistance

The price of silver is bullish after the close near the blue trendline resistance. However, there is no confirmed breakout yet above it, and the price closed the second time near the resistance. Today, silver could make sharp jump above the resistance or reverse and continue its bearish move to target $16.50.

Today critical level to watch:

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

Resistance: $17.20, $17.50, $17.73

Crude more upside

Crude oil made a bullish close above the previous day opening level and aim higher today. The price continued higher above Thursday high in the initial Asian session but pushed back below it in the middle of the session. Overall, there is no change in sentiment from bullish to bearish.

There is a possible cup and handle pattern on the weekly chart with the top around $54.50 – $55.20. If crude oil weakened after current test of resistance, it would target $50.00 – $52.40 to form the handle. However, it is not mandatory for crude oil weakness, and it could break above $55.20 and progress higher.

Today critical level to watch:

Support: $54.50, $52.40, $51.20, $51.00

Resistance: $55.23