Gold bounce from the red trendline

Gold building a solid support for new bullish leg and bounce from red trendline. The red trendline also coincides with $1,220 broken resistance. We are optimistic the precious metal has shifted from bearish trend to bullish trend and will easily reach $1,250 in coming weeks or months.

Traders who are not long yet could consider taking a position when pullback happens. On the other side, it is better to avoid a short position at the current time.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240

Silver bullish reaction from $14.40

A bearish move happens today but immediately reversed when $14.40 tested. Silver significantly higher above its opening level and looks will continue upward. The range stays intact between $14.40 – $15.00 and traders could ride the upward movement toward the top of the range.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil checkpoints

The decline of crude oil reached our target at $70.00 and the red trendline. There is a minor bullish reaction after the price hit red trendline. It is the time to switch to bullish side? We think it is not the time yet and it is better to look for bullish reaction first from the support level. At the current time, traders will stay sideline.

Today critical level to watch:

Support: $68.00

Resistance:  $70.00, $71.39, $74.04