Gold ranging before further upside

Gold continue its bullish movement last week, the price followed the breakout above $1,220 and maintained its position above it. There is resistance between $1,244 – $1,250 which hinder the precious metal appreciation. This week, gold might move between $1,220 – $1,250 before further upward movement.

Today critical level to watch:

Support: $1,220, $1,200, $1,184, $1,180, $1,166

Resistance: $1,244, $1,250, $1,280 – $1,300

Silver almost reach goal

Upward movement in silver almost reaches its goal at the bearish trendline. This week, it might touch the trend line and bounce lower after small profit taking. Silver might continue its upward movement toward final resistance at $18.50 to determine its next trend.

Today critical level to watch:

Support: $17.50, $17.20, $17.00, $16.75

Resistance: $18.00, $18.50

Crude oil slow movement

This week outlook will be similar to previous week outlook. Traders are waiting for a break outside of the triangle formation which might not happen this week. It is the last week in February where trader might reposition itself for next month trade.

The best scenario to take still the same, with a break above the triangle pattern and taking a long position when the price revisits broken resistance.

Today critical level to watch:

Support: $52.40, $51.93, $50.50, $50.00, $49.60

Resistance: $54.50, $55.00