Crude oil futures fell 3% Monday as fears that Spain is moving to the rescue, and the debt crisis in the euro area spreads, led to investors flocked to safer assets, which are now speaking the dollar and U.S. debt. Oil prices are falling the second consecutive session, as according to the Central Bank of Spain's economy will decline further in the second quarter.

Also, the reduction of oil has affected the information about the Spanish bond yields reached a new record high, as Spain and Italy decided to ban short selling of shares, as prices fell. We also learned that the creditors will meet in Greece this week, as there are concerns about the plan of salvation.

Fears of European debt crisis overshadows all other perspectives, which negatively affects the demand for commodities, especially oil.

Futures price for September delivery on the U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX dropped and now stands at $ 89.05 a barrel.

Futures price for delivery in September at the North Sea petroleum mix of mark Brent dropped to $ 103.98 a barrel on the ICE Futures Europe Exchange.

Gold prices fell more than 1 percent on Monday as concerns over Spain's financial health pushed the euro to two-year lows against the dollar, pressured stock markets and drove Spanish borrowing costs to euro-era highs.

Gold recovered from lows with the euro after the International Monetary Fund said it will start discussions with the Greek authorities on July 24 on how to bring Greece's economic programme back on track, but remains under heavy pressure from losses in the euro and stock markets.

From a technical perspective, gold is set to find support around $1,559/1,560, according to analysts who study past price patterns to determine the future direction of trade. Prices have held within a $1,525-1,675 range for more than three months.

Holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust dropped for a fourth consecutive week after a 2.4 tonne outflow on Friday, down 15 tonnes, their biggest weekly decline since late December.

Gold demand from major consumers India and China also remained weak, analysts said.

August gold futures on the COMEX today fell by $ 8.2 and now stands at 1574.6 dollars per ounce.

Resistance of 3:1624 (high of June)

Resistance of 2:1614 (resistance line from Jun 6)

Resistance of 1:1600 (area of Jul 10 and 17 highs)

Current Price: 1576.00

Support 2:1564 (support line from May 16, session low)

Support 2: 1548 (low of June)

Support 3: 1527 (low of May)

Resistance 3:92,00 (Jul 20 high)

Resistance 2:90,40 (Jul 20 low)

Resistance 1:89,20 (intraday high)

Current Price: 88.63

Support 1:87,60 (session low, MA (200) for H1)

Support 2:87,10 (Jul 17 low)

Support 3:86,20 (Jul 16 low, MA (50) for D1)