Gold closed at the middle of $1,280 – $1,300

Gold prices closed at the middle of $1,280 – $1,300 and indicating sideways trend. The precious metal initially fell in Friday trading session but manage to bring the price back to close near its opening level. This week, there is no clue yet on the next direction. Gold expected to continue its ranging movement between $1,280 – $1,300.

Today critical levels to watch:

Support: $1,280

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

Silver continue to stay inside $15.00 – $15.20

Silver mostly under pressure as $15.00 under attack by the bear several times. Fortunately, there was no close below $15.00 which suggest the bull could weather the bear attack. The precious metal continues to stay inside the $15.00 – $15.20 range and suggest further ranging movement this week. As long as there is no breakout of the range, traders could continue to apply the ranging strategy.

Today Critical levels to watch:

Support: $15.00, $14.40

Resistance: $15.20, $15.60, $16.00

Crude oil closed Friday session near daily high

The bull optimism blows the bear away from crude oil. The price continues its upward movement on Friday and closes the day near daily high. It is an extremely bullish sign and suggests the price will continue further higher this week. There is no reason to take short positions yet in crude oil. Traders might need to wait for near $65.00 and see reactions first near the resistance.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00