Gold testing $1,300

The bounce in gold price at $1,280 brought the precious metal up to test $1,300 resistance. No break and close above the resistance but the bull follow through today by moving the price above $1,300. We will wait for the daily closing level to determine if breakout or rejection happens.

If the bull could close the price above $1,300 then we could expect gold to continue upside and test the top of the channel. On the other hand, a close below $1,300 will lead gold back to trade between $1,280 – $1,300.

Today critical levels to watch:

Support: $1,280

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

Silver no breakout of the range $15.00 – $15.20

Silver bullish pressure was seen in the previous trading day. The price manages to climb above $15.20 but it returns below the level by the end of the day. Today, the bull making another attempt to push the price higher above $15.20. Although the price climb above $15.20 it is yet to move past previous day high.

Will the bull push the price above the previous day high and bring silver to test $15.60?

Today Critical levels to watch:

Support: $15.20, $15.00, $14.40

Resistance: $15.60, $16.00

Crude oil almost reach $65.00

The brewing conflict between Iran and the U.S is the major reason crude oil continues its climb today. The price almost hit $65.00 while both Iran and U.S brand each other military power as a terrorist group. Aside from Iran-U.S situation, Libya’s Tripoli under attack by Libyan National Army. It should impact oil production in the country and push crude oil price further higher.

At the current time, traders might want to avoid short positions and stick with long positions at least until conflicts subside.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00