Gold bearish leg ensured

The bull hard work to bring the price higher crushed by the bear after the previous day bearish close. The bearish close break below Monday low and currently testing $1,280 support level. There is blue support trendline also near the $1,280 support level.

Judging the momentum of the current bearish move, it is possible for the bear to push the price lower below $1,280 and test daily SMA 200 which it misses in the previous bearish leg.If the bull could maintain position above $1,280, it is a confirmation the bullish leg will continue toward $1,337 – $1,350

Today critical level to watch:

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

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

Silver reversed before touch $17.50

There was no touch of $17.50 on the silver chart and the price running out of steam. Silver close below $17.00 is detrimental for the bull and suggest more downside on the card. The price looks will test $16.80 today, no bounce from the support will let the price down to test black trendline.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

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

Crude oil ready to test $52.40

The price of crude oil took no trouble to move upside. It currently sticks near $52.40 resistance level and waiting for a trigger. Today, U.S crude oil inventory might become the trigger for crude oil movement. It could be rejection from $52.40 or breakout upside. The bar is high as EIA expects 4.7 million barrels deficit where lower deficit could push the crude oil prices down.

Short position near current level might become profitable depend on the data and market reaction.

Today critical level to watch:

Support: $51.20, $51.00, $50.00

Resistance: $52.40, $54.50