Gold breakout below SMA 200

We have a major bearish breakout last week as gold closed below daily SAM 200 and the $1,800 handle. The price continues its bearish movement today and we have a bearish movement below $1,780. If gold prices could close below $1,780 then traders will expect further weakness toward $1,680 – $1,700.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver on the path lower to target $21.35 and $20.00

A bearish triangle breakout happened in silver prices. Silver closed below the triangle pattern and there is a bearish continuation today. The price is expected to extend its bearish movement toward the $21.35 and $20.00 support levels as mentioned last week.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil waiting for further bullish momentum

Crude oil climbed from the $38.50 – $40.00 area and managed to move above the $45.00 level. The price seems to hover near the level and waiting for further bullish momentum. We think crude oil prices could continue its bullish movement and target the $49.00 – $50.00 area.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00