Gold bullish under review

The price of gold continues higher since the bounce from $1,200 – $1,220 support area. However, the bounce needs to be evaluated as it prints new lower low. Currently, gold is under test, will it print new higher high above $1,295 or will it print lower high and start descending to print lower low?

The key is the blue trendline where price found support in the past. If this level and $1,250 broken, the gold bear might attempt to push the price lower.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver rejection from $16.80 – $17.00

Silver price once again under trial as it rejected from $16.80 – $17.00 resistance level. The test of $16.00 is on the card and failure to maintain the price above the support level will trigger more selling. Traders who are looking for the long position could watch reaction at $16.00.

Today critical level to watch:

Support: $16.00, $15.61, $15.00

Resistance: $16.50, $16.80, $17.00

Crude oil forecast: ranging

Previous week movement concluded, and crude oil manages to close above $48.50 which tell the bull still there. Looking at the daily chart, the only analysis we could see is, current price movement stay inside Tuesday, 1th August and will continue hovering inside it this week.

The range might be limited between $48.50 – $50.00 and traders could look for long near $48.50 and short near $50.00.

Today critical level to watch:

Support: $48.50, $48.00, $47.31

Resistance: $49.00, $50.00