Gold more downside toward $1,250

The gold bull could not lift the price back above $1,280 and previous day trading session sealed the precious metal fate. It is the time for the bull to handover the baton to the bear and let the price corrected. Nearest support level to test is the daily SMA 200, and below the level, there are black and red trendlines.

It is better for traders to wait until bullish pattern formed near the support level.

Today critical level to watch:

Support: $1,258, $1,250

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

Silver breakout below trend line

Same situation as major forex pairs and other opposite U.S dollar instruments, silver closed lower on the previous day. Although there is hope for the bull to take control of the market, it looks like the chance is slim. Silver fall from $16.80 and closer to $16.50 than $16.80 – $17.00 resistance. Without any bounce or stop near $16.50, silver expected to continue the downward movement to test $16.00.

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.20, $17.50, $17.73

Crude oil stick near resistance

Crude oil unexpectedly bullish and closed above $52.40 resistance level in the previous day trading session. Maybe this is the only instruments which gained against U.S dollar while major forex pairs and precious metals slide. However, on today trading, crude oil currently testing if the bullish move is dependable. The close above $52.40 is important for the bull, while the bear would want the price settle below it.

Today critical level to watch:

Support: $52.40, $51.20, $51.00, $50.00

Resistance: $54.50