Gold spike, leaving $1,220

Sharp bounce from $1,220 and the red trendline happen in gold prices today. The movement is expected and obvious as the precious metal has claimed the level above $1,200 – $1,220 area. Currently, the upward momentum is strong and it is better for traders to avoid shorting gold. The long position might be possible when breakout above $1,230 – $1,240 area happen.

Traders will consider a long position when breakout and retest of $1,230 or $1,240 happen.

Today critical level to watch:

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

Resistance: $1,234, $1,240

Silver follow gold guidance

Silver moving up following gold prices movement although the price movement is less explosive than gold. We expect silver to reach $15.00 resistance. After the price reach $15.00 traders will see the market reaction and decide if the breakout will happen or not.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil nosedived

Nothing could help crude oil at the current time, technically it slide below $70.00 and the red trendline which is long-term support. Fundamentally, Saudi Arabia assurance on crude oil supply is the reason behind crude oil downward movement. The price movement is a fundamental base movement which suggests traders stay sideline until volatility decreased.

Today critical level to watch:

Support: –

Resistance:  $70.00, $71.39, $74.04