Gold smooth bounce

Bounce happen today after gold sticking near the trendline for several days. The bounce put the gold near $1,250 resistance and provide an opportunity for a break above it. The momentum of upward movement is strong and should continue as U.S dollar weaken.

The break above $1,250 will open the road to $1,280 – $1,300 and might be achieved in several weeks.

Today critical level to watch:

Support: $1,244, $1,220, $1,200, $1,184, $1,180, $1,166

Resistance: $1,250, $1,280 – $1,300

Silver no rejection at trendline

Silver continue its upward movement and without any rejection at the bearish trendline. A smooth bullish trend for silver might continue until the price touch $18.50. Traders will look for a re-test on the trendline for a long position targeting $18.50. If bearish pattern formed, we might expect weakness toward $17.50 before the bounce.

Today critical level to watch:

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

Resistance: $18.00, $18.50

Crude oil unlocking bullish target

Crude oil stays at high even though the oil inventory report on schedule. Reduction in the crude oil inventories will make the price soaring above ascending triangle pattern. The price has not closed yet, and traders need to wait patiently until it closed either above the triangle pattern or inside the pattern.

Today critical level to watch:

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

Resistance: $54.50, $55.00