Gold hovering near $1,280

Gold slipped below $1,280 in the previous trading day and closed below it. The bearish pressure does not continue today and we have a bounce from $1,280. If the bull could maintain the level above $1,280 for several days then gold might launch higher to test the top of the channel.

Today critical levels to watch:

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

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

Silver return below $15.00

The closure above $15.00 brought optimism in silver and open the chance for the precious metal to continue upward. However, the price slipped in the previous trading day and erased all of the gain produced on Friday. We have the price under pressure today and testing $14.80 support. Fortunately, the bull returns and bring the price up.

At the current time, silver looks will trade between $14.80 – $15.00 until breakout happen.

Today Critical levels to watch:

Support: $14.80, $14.40

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

Crude oil defying gravity

Sharp bearish move in the previous week has no follow-through this week. The price of crude oil reversed and attempted $65.00 resistance. Currently, there is a bearish reaction from the resistance which might lead the price to close near its opening level.

We think the bearish correction is imminent and it is better to stay out of long positions for now.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00