Gold closed above $1,280

the trend of gold might switch back to bullish after the precious metal closed above $1,280 at the end of the previous week. Today, the price corrected lower and retest the broken $1,280. Will the bull maintain bullish pressure and bounce from $1,280?

If the price bounce from the support then we could expect gold to move toward the top of its bearish channel.

Today critical levels to watch:

Support: $1,280, $1,265, $1,260

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

Silver breakout above triangle pattern

Silver breakout above the triangle pattern on its daily chart and closed the week above $15.00. It is a bullish indication and we might see the price of the precious metal continue higher. However, it pulled back below $15.00 at the beginning of this week. If the bear could close the price below $15.00 then it is possible that silver will range between $14.80 – $15.00.

Today Critical levels to watch:

Support: $14.80, $14.40

Resistance: $15.00, $15.20, $15.60, $16.00

Crude oil time for bearish correction

After maintaining a 7th weekly bullish streak, finally, crude oil formed first bearish candlestick on its weekly chart. The pattern formed is a strong bearish engulfing pattern with long-tail above the candlestick. The pattern formed at $65.00 resistance which adds more odds for the pattern to success.

This week, traders could expect further weakness below previous week low toward nearest support at $60.00. When the price hit $60.00, traders could start looking for long positions.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00