Gold no sign of reversal yet

It is a critical situation for gold as the precious metal continue its fall to reach $1,280. There is no sign of bounce yet from the support level and the weekly closed as strong bearish candlestick which is not good news for the bull. Bull traders might want to wait and see until a bullish candlestick formed on the daily chart.

Today critical level to watch:

Support: $1,280, $1,258

Resistance: $1,300, $1337, $1,390, $1,400, $1,430

Silver direction down

Silver bear manages to close the price below $16.80 which invite more weakness in silver. Traders could expect silver to continue lower and might challenge $16.00 support level once again. The close below this level should trigger sharp selling as seen in the previous break.

Today critical level to watch:

Support: $16.00

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

Crude oil outlook bullish

There is no change in current outlook after the move above $52.40 in the previous week. Crude oil formed a higher high which overturns its bearish outlook. The price could move lower but limited above $50.00. Bullish traders could look for a long position with a stop below $50.00. A break and close above $52.40 could trigger buying toward $60.00 in long-term.

Today critical level to watch:

Support: $51.00, $50.00, $49.00, $48.50

Resistance: $52.40