Gold reach projected support trendline

Gold continues on the backfoot as the price continue its descend today. Fortunately, there is a sign that the bull ready to protect the yellow metal from a further decline at the trendline support. However, the bounce is not strong and has not reversed the entire bearish pressure. If gold continues losing more ground below the blue trendline, it might enter bearish trend and challenge $1,200 – $1,220 in the long-term.

Today critical level to watch:

Support: $1,258

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

Silver no change, direction down

Similar analysis as the previous day. Silver projected will continue its downward movement toward $16.00. Any upside attempt will face the down trendline where traders could look for a short position.

Today critical level to watch:

Support: $16.00

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

Crude oil high probability long position

Crude oil breakout above $50.00 an event watched by traders and investors. The price manages to move past $50.00 and test $52.40 resistance where it experienced profit taking. Currently, the price moves down and test the black support trendline where there is a yellow area of resistance present. If the bull could push the price higher, we will see crude oil test $52.40 soon.

Today critical level to watch:

Support: $50.00, $49.00, $48.50

Resistance: $51.00, $52.40