Gold out of $1,280 – $1,300 area

The price of gold is moving inside $1,280 – $1,300 range. There is a re-test of the bottom of the range today, and the bull manages to bring the price higher. Gold could continue moving inside the range until break out, and we expect the price will break higher in the short-term.

Today critical level to watch:

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

Resistance: $1,300, $1337

Silver hold above $16.80

Parallel to gold movement, silver holding ground above $16.80 support level and looks ready to continue its upward movement. The close above $17.00 on Monday trading session will encourage the bull to bring the price higher. Meanwhile, failure to close higher and instead close below $16.80 will jeopardize the bullish effort.

Today critical level to watch:

Support: $16.80, $16.50, $16.00

Resistance: $17.00, $17.50, $17.73

Crude oil boom reaction by the end of week

Crude oil unexpectedly shows sudden bullish jump at the end of previous week. The jump coincides with trend line support and $46.5 – $47.0 support level which validate the bullish reaction. If crude oil continues its advance and closes above $50.00, it will trigger more buying to test the red trendline.

Today critical level to watch:

Support: $48.00, $47.31, $47.00

Resistance: $48.50, $49.00, $50.00