Gold settles below $1,300

A breakout below $1,300 followed by rejection when the gold attempt to move back above it cause the precious metal to settle below $1,300 on the weekly time-frame. It is a bearish sign and we now could see a bearish channel on the daily chart. If gold will continue its bearish pressure then we could expect it will test $1,280 in coming days or weeks.

Further lower below $1,300, gold might test the bottom of the channel.

Today critical levels to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver maintained a close above $15.00

Despite the breakout below $15.20 support level, silver maintained a close above $15.00. The bearish trend has not confirmed yet and there is probability silver could stage a rally from the current level. Traders will monitor the price reaction at the current level. If a weekly close below $15.00 happens then it is better to bail out of long positions.

Today Critical levels to watch:

Support: $15.00, $14.40

Resistance: $15.20, $15.60, $16.00

Crude oil close above $60.00

A close above $60.00 happened on the last day of the week. It is a bullish indication though not a strong one as the price retreat from the daily high of $60.72. Crude oil bullish pressure expected to continue next week and make significant jump above $60.00. However, a bearish close below $60.00 might cancel the bullish outlook.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00