Gold resume bearish move

Gold closed lower in Wednesday trading session as the precious metal rejected from top of the blue channel. The price looks will resume its downward movement and test both $1,280 and bottom of the blue channel. If both support could hold the bearish pressure, traders could find gold continue moving inside the blue channel.

A breakout lower below both level is not a ruled out scenario as there is no higher high printed on the daily chart yet.

Today critical level to watch:

Support: $1,280, $1,258, $1,250

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

Silver bearish momentum to breach support

Silver breakout lower with strong momentum and the downward movement accelerate to reach $16.50 support level. The price currently testing the support level and looks to continue its downward movement toward $16.00. A short position from current level is not suggested unless a breakout happen, traders could trade the retest of $16.00 breakout level.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.20, $17.50, $17.73

Crude oil sideway before OPEC?

The price of crude oil stick near $57.60 breakout level. Crude oil might stay sideline as OPEC kick-off meeting to discuss production cut and evaluation of current policies. The extension of production cap could lead crude oil to $60.00 especially followed by further production reduction.

Today critical level to watch:

Support: $57.60, $56.00, $55.23, $54.50, $52.40

Resistance: $60.00, $62.50.