Gold start a correction

Gold accelerated downside after the precious metal could not make breakout above $1,240 resistance. The downward movement has strong momentum and currently testing the resistance turned support level $1,220. A long position from the level could be considered with the target above $1,240.

There is the possibility of bearish extension toward $1,210 before the bull could stop the bearish momentum.

Today critical level to watch:

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

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

Silver ready for downside breakout?

Silver is in trouble as it slides below $14.40 support level but still traded inside the triangle pattern. Will the price continue lower below the triangle or bounce from it and consolidate inside the triangle? Today closing price might determine silver next direction.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil on the path lower

Crude oil closed down in the previous day, rejected from $67.91 resistance and looks ready to resume its bearish trend. No change in the outlook yet and traders could continue to hold a short position with $64.40 – $65.00 as the target. A long position is not suggested unless crude oil could surpass $67.91.

Today critical level to watch:

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

Resistance:  $67.00, $67.91, $70.00, $71.39, $74.04