Gold stall below $1,280

Gold prices struggling below the blue trendline and $1,280 resistance. The bull could not bring the price back above both levels, but the bear also could not push the price lower to the daily SMA 200. It is a stalemate situation and might breakout later when U.S Non-Farm employment data released. Traders could continue to use $1,280 as resistance level to place short position.

On the other side, a move above $1,280 will open the way toward $1,300 and possible “W” pattern. Which side will gold move to next?

Today critical level to watch:

Support: $1,258, $1,250

Resistance: $1,280, $1,300, $1,313.22, $1337, $1,390

Silver confident close at resistance

Wednesday sudden bullish move in Silver brought the price closed at the trendline resistance. It is bullish and could continue higher if the bull could push the price above previous day high. However, a close back inside the triangle pattern will put silver under disadvantage and resume bearish move.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.20, $17.50, $17.73

Crude bearish close at resistance

The bull finally admits first significant loss since the jump from $52.40 resistance level. Crude oil has bullish sentiment, but current resistance is a two years resistance which needs time to solve. The price expected to move sideways at the resistance. If there is no significant sell-off from the resistance, the odds turn higher for crude oil to blast the resistance.

Today critical level to watch:

Support: $52.40, $51.20, $51.00, $50.00

Resistance: $54.50, $55.23