Gold moving sideways

Gold trend has turned bullish for the medium-long term. The precious metal climbed from the previous year low $1,159.79 to as high as $1,298. Currently, the price ranging between $1,280 – $1,300 where traders could use the moment to use ranging strategy. We think long positions is preferred to short positions.

The level near $1,280 and $1,290 could be used as a reference level to take long positions.

Today critical level to watch:

Support: $1,290, $1,280

Resistance: $1,300

Silver no direction yet

Similar to the situation in gold, the price of silver hanging at the high near resistance. The precious metal could move both ways from $15.60. Short positions look appealing as counter-trend options but traders might want to stick to long positions in the long-term.

Today critical level to watch:

Support:  $15.00, $14.40

Resistance: $15.60, $16.00

Crude oil ready for more bullish attempts

The upward movement of crude oil stopped at $52.40 resistance and take a downward turn. We think the bearish movement might test $50.00 before turning upward. Traders could use the level to take long positions with the target at $54.50. If crude oil could climb above $54.50 then it might enter a new long-term bullish trend.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50, $55.00