Gold on the way to the sky

Gold finally break the hard resistance level at $1,300 and print new yearly high. The bull is running loose, and there is no sign of bear above the resistance level. We could expect the precious metal will continue toward $1,337 (Nov’16) high and test it. Traders who miss long entry from below $1,280 could use $1,300 and entry level when the price test the support level.

Today critical level to watch:

Support: $1,300, $1,280, $1,258, $1,250, $1,244

Resistance: $1337

Silver on the path to test $17.73

The price of silver blasted $16.80 – $17.28 consolidation level and heading higher today. The price projected to reach $17.73 soon and test the resistance level. We expect silver could continue higher back to $18.50 before reversing its direction.

Today critical level to watch:

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

Resistance: $17.50, $17.73

Crude oil undesirable development

Crude oil prices fell below $46.50 and print lower low which confirms more bearish pressure on the line. The price attempt to move up above $48.00 today, but receive a rejection and move down without looking back. Next support is $45.30, and it looks like crude oil will lose more ground for medium-term.

Today critical level to watch:

Support: $45.30, $45.00

Resistance: $46.50, $47.00, $47.31, $48.00