Gold on the brink of breakout lower

Gold made another close below $1,280 and told the bearish story. The bull inability to push the price back above its broken support is a positive sign for the bear. However, the bear might feel uninterested by further down move as daily SMA 200 is near the current level.

Traders will continue to wait for the trigger in gold prices, fundamental supported for further downside as U.S dollar make a bullish movement. However, a clear break below SMA 200 needed to confirm further downside interest.

Today critical level to watch:

Support: $1,258, $1,250

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

Silver rejection from trendline

Silver bullish sentiment erased as the precious metal rejected from its down trendline. Fortunately, the price stick near $16.80 support level and the bull keep holding the price above it on Monday. There is no conclusion yet, but it looks like the bull is in disadvantage and a breakout lower is on the card.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

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

Crude overshoot above resistance

Crude oil bull is on fire following the break above $54.50 resistance level. There is no stopping after the price opened gap up today. However, under extreme buying, there will be sharp sell-off which could happen anytime now. Crude oil might close sharply lower below the opening level and trigger a correction to $54.50.

Traders could look for long position when the price hit $54.50 and form a bullish pattern.

Today critical level to watch:

Support: $55.23, $54.50, $52.40, $51.20, $51.00

Resistance: $56.00