Gold stalled near $1,320

The price of gold could not extend the bullish close and closed flat in the previous day. Currently, there is minor selling by the bear but the effort could not move below previous day low. We think the precious metal upside still open and gold will reach $1,337 in coming days or weeks.

Even though gold could extend upside, the current level is not comfortable to take long positions. The best location to take a long position is near $1,300.

Today critical level to watch:

Support: $1,300, $1,290, $1,280

Resistance: $1,337

Silver rejected from $16.00

Silver has reached the upside target at $16.00 and the price formed bearish pin bar pattern in the previous day. Today, the bear followed through with selling. If the price continues lower then silver expected to test $15.60 soon. Traders could look for a long position near $15.60.

Today critical level to watch:

Support: $15.60, $15.20, $15.00, $14.40

Resistance: $16.00

Crude oil trapped inside $52.40 – $54.50

Despite the bullish pressure and higher high in the previous day, crude oil could not close above $54.50. The price currently shows rejection from $54.50 resistance. Without any change in the trend, we could expect crude oil to continue trade between $52.40 – $54.50.

Today critical level to watch:

Support: $52.40, $50.00, $49.00

Resistance: $54.50, $55.00