Gold short-term bearish

Gold continues downward and closes significantly lower near the $1,280 – $1,300 support area. The strong bearish candle might follow through by another decline today. However, the trend stay bullish as the price of gold has a cluster of support below the current level. If the price makes a deep retracement, it will find support near the blue trendline. Otherwise, a break and close below its daily SMA 200 are the reason to dump long position.

Today critical level to watch:

Support: $1,300, $1,280, $1,258

Resistance: $1337, $1,390, $1,400, $1,430

Silver unexpected sharp bearish blow

Silver unexpectedly break its bullish channel downward and closed near $17.00 level. The bearish momentum is strong and if followed through might be able to break below $17.00. Traders could observe the price reaction near this level and place long position when a bullish pattern emerge.

Today critical level to watch:

Support: $17.00, $16.80

Resistance: $17.50, $17.73, $18.00, $18.50

Crude oil imminent breakout upside

Imminent breakout upside on crude oil as the price continue stick near $50.00 even though there is selling preceding it. Crude oil currently trying to gather momentum to break upside and tomorrow inventory data might provide the reason to move the price.

Today critical level to watch:

Support: $49.00, $48.50, $48.00, $47.31

Resistance: $50.00