Gold rejected from $1,240

The optimism built by gold in recent weeks seems to recede and it might be the time for correction. Gold rejected from $1,240 and stumble below $1,230 at the start of the week. If the precious metal continues lower then it will test the red trendline, and support level $1,220. Traders could use the moment to look for a long position with a tight stop.

Today critical level to watch:

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

Resistance: $1,234, $1,240, $1,250

Silver no change in direction

Silver comfortably traded inside the triangle pattern on its daily chart. The precious metal range also tightens each day which showing less volatility. A breakout is imminent but it is not a good time to place any position as volatility dies out. Wait until breakout happens and ride silver in the direction of the breakout.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil will it shake the bearish pressure?

In the previous week, the bear punched crude oil in the eyes and the price slide hard below the red trendline to reach $65.78 support. After the slide, the bear goes silent and let the bull drove the price higher. Crude oil traded near $67.09 – $67.91 and continue hovering inside the range.

We think the bear has more advantage than the bull and crude oil could slide further toward $65.00.

Today critical level to watch:

Support: $67.00, $66.00, $65.78, $65.00, $64.44

Resistance:  $67.91, $70.00, $71.39, $74.04