Gold undisputable bullish

The bullish movement in gold continues and close inside $1,280 – $1,300 range. The price is moving back and forth the opening level which might end sideway. Upward pressure should continue next week, and gold might break above $1,300 this time. Traders could use $1,280 as the base level for the long position. However, a sharp rejection from the resistance could put the bullish trend at risk.

Today critical level to watch:

Support: $1,280, $1,258, $1,250, $1,244, $1,240

Resistance: $1,300

Silver clear short-term resistance

The silver bull could breathe calmly now as the price closed above $17.00 resistance and stay above it on Friday. If the price could close above the resistance turned support, it will sign further upside in the next week trading days.

Meanwhile, if silver formed a bearish pattern at the $17.00, traders could overlook it unless the price closed back below $16.80.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.50, $17.73

Crude oil pulled out jocker

Crude oil is the loser of the day as the bear followed through previous day bearish engulfing pattern. The black gold drifting lower below $48.50 and might close below it. If the price closed below the $48.50 – $50.00 area, it might indicate a test of support trend line and the area $46.50 – $47.00.

Short position with a stop above today high might turn out profitable.

Today critical level to watch:

Support: $48.00, $47.31

Resistance: $48.50, $49.00, $50.00