Gold closed below $1,337

Gold is under threat by the bear as it closed below $1,337 in the previous week. The bearish close orchestrated by strength in U.S dollar index as bond yield uptick. The upward trend in U.S dollar index might continue this week and push gold down toward the red channel.

Traders could use the red channel as the level for a long position, but need to wait for the bullish close first before jump in position. If the price closed below the channel, then it is better to stay sideline.

Today critical level to watch:

Support: $1,325, $1,320

Resistance: $1,337, $1,340, $1,350, $1,360

Silver building bullish pressure

Silver bull rejoiced in the previous week as the price jumped above $17.00 and stay above it. This week, the upward trend might continue, and $17.00 will act as a support level. Traders could place long position near the $17.00 support with a stop below $16.80.

Today critical level to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil the path upside

Crude oil set loose the bull and the price climb slowly higher. There is no reason to take a short position in crude oil at least until the price hit $70.00. There is rumor OPEC will extend the production cap which helped crude oil attain current height. Traders could expect further upside in the price in coming weeks – months.

Today critical level to watch:

Support: $65.78, $65.00, $62.80

Resistance: $70.00