Gold positioning for a massive breakout

It is the moment of truth for gold, and the precious metal continues gaining ground despite the mini sell-off. Today, the price hit $1,294.66 just $1.18 shy from previous swing high $1,295.84. There is no reaction which means the bear grows uncertain on the bull persistence. It will not take long for the price to jump higher above the resistance.

Traders who are looking for the long position might need to wait for a breakout above $1,300 and re-test of it. On the other hand, short positions suggested waiting for strong bearish momentum bar close on the daily chart.

Today critical level to watch:

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

Resistance: $1,295.84, 1,300

Silver aiming $17.73

The bear is losing more ground on the daily chart, as the price hovering on top side of $16.80 – $17.00 area most of the time. The bull is building floor gradually and should overtake the resistance soon. If $16.80 – $17.00 give way, silver will advance to $17.73 before another retracement.

Today critical level to watch:

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

Resistance: $17.50, $17.73

Crude oil looking for clarity

Crude oil mostly bearish this week as the price continue lower to reach $46.50 – $47.00 support area as expected. The price paused the selling and attempt to bottoming out. There is no conclusion yet, and crude oil could slive lower below the trend line and confirm continuation of the bearish trend. But, at the same time, it could bounce higher and start a new bullish leg above $50.00

Today critical level to watch:

Support: $47.00, $46.45

Resistance: $47.31, $48.00, $48.50, $49.00, $50.00