Gold supported near the trendline
Gold suffers another loss in the previous week trading session. The precious metal fell and reach the trendline support. There was a bullish reaction from the trendline and it is possible for gold to bounce higher this week. If gold could surpass $1,280 and closed above it on the weekly time-frame then we could expect the precious metal to continue upward and test the top of the channel.
Today critical levels to watch:
Support: $1,265, $1,260
Resistance: $1,280, $1,300, $1,320, $1,325
Silver no breakout of the triangle pattern
Silver hover below $15.00 and could not close above it in the previous week. The movement is sideways between $14.80 – $15.00 and we could expect further sideways movement this week. Traders could prepare for a breakout of the triangle pattern which will happen soon.
Today Critical levels to watch:
Support: $14.80, $14.40
Resistance: $15.00, $15.20, $15.60, $16.00
Crude oil continues the consolidation between trendline and $65.00
Crude oil prolongs its consolidation between $65.00 and the trendline. The price sticks near the trendline the entire days and might continue doing so. This week, it is possible a breakout will happen. Traders will wait for either breakout above $65.00 or below the trendline.
Today critical level to watch:
Support: $60.00, $57.60, $55.80