Gold losing more ground

Gold is in an uptrend, and it should have bounced from $1,280 – $1,300 area after Monday strong bounce. However, the reality is sour for the bull as gold continue its downward movement and erase all gains. The downward pressure pushes the precious metal to $1,280 support level. Although there is a sign of bounce, it is too early for the bull to rest as the price stick near the support level.

Further selling could push gold below $1,280 to test the blue trendline and cancel all bullish outlook.

Today critical level to watch:

Support: $1,280, $1,258

Resistance: $1,300, $1337, $1,390, $1,400, $1,430

Silver bull take a beating

The bullish engulfing pattern at the initial of the week is like a droplet of water in the desert. However, the pattern immediately crushed by the bear, only to closed as bearish engulfing. It is not a good sign and pushes the silver price below $16.80. Currently, the bull attempting to secure the level and close the week above it. Traders will wait for the price close before placing position in silver.

Today critical level to watch:

Support: $16.80

Resistance: $17.00, $17.50, $17.73

Crude oil higher high

Crude oil prices make a continuous challenge of $52.40 resistance level after the higher high printed on the daily chart. It is the first higher high above previous bearish swing which printed 2017 low. After this higher high, traders could expect higher low printed near the black trend line. Although the price projection is less optimistic from fundamental side, it looks like crude oil could advance to $60.00 by the end of the year.

Today critical level to watch:

Support: $51.00, $50.00, $49.00, $48.50

Resistance: $52.40