Gold time to sell?

Gold losing ground and closed below $1,200, leaving the $1,200 – $1,220 area. It might be the sign of bearish continuation. However, the bull still not ready to give up yet and the precious metal recover part of losses today. We think $1,200 will cap the upward movement and become the best level to place short position.

Will the bull cancel the bearish scenario and make a weekly close inside $1,200 – $1,220 area?

Today critical level to watch:

Support: $1,200, $1,160

Resistance: $1,210, $1,220

Silver touched $14.00

Silver traded at an uncharted area and no clue yet for next direction. The major trend is bearish and it is easier for the price to move down compared to move up. $14.40 will become the level to watch if the bull manages to bring the price to the level. On the lower part, $14.00 is the support level to break.

Today critical level to watch:

Support: $14.00

Resistance: $14.40, $15.00

Crude oil strong reversal

A major bearish reversal pattern is seen on the daily chart and erased Tuesday gain. It is a bearish engulfing pattern and originated from $70.00 resistance level. We could expect crude oil to take downward turn and test red trendline. If the trendline broken, $67.20 and $65.00 are the levels to watch.

Today critical level to watch:

Support: $67.20, $65.78, $65.00

Resistance: $70.00, $72.50