Gold range between $1,240 – $1,260

The path is up for gold, but there is no sign of $1,260 breakout yet. It could happen today after ADP non-farm employment or FOMC meeting minutes, or it could happen after Friday Non-farm employment data. Currently, the precious metal has $1,240 as a floor which will limit weakness in the price.

If the price fall to $1,240, bull traders could look for a long position.

Today critical level to watch:

Support: $1,250, $1,244, $1,237, $1,233, $1,229

Resistance: $1,260, $1,280, $1,300

Silver retrace or continue?

Despite the completion of up move in the silver price, it is moving near the bearish trend line on the daily chart. Where will silver head next? Will it retrace from current level? Alternatively, will it continue higher and break above the trendline resistance?

Bull trader desperately needs a close above $18.50 to confirm the long-term bullish trend.

Today critical level to watch:

Support: $18.00, $17.50, $17.20, $17.00, $16.80

Resistance: $18.50, $18.95

Crude oil progressing further upside

Bullish momentum in crude oil accelerated after it bounces from $50 handle. The price is moving near the $52.40 resistance and will touch it soon. After the touch of resistance, traders could expect a short period of consolidation before it continues upside. A close above $52.40 will put the bear on alert and might trigger the short squeeze.

Today critical level to watch:

Support: $50.00, $49.60, $48.50, $48.00

Resistance: $52.40, $54.50