Gold due for a correction?

Gold hesitated at $1,337 resistance level and currently showing mild selling. Correction might be due, and gold prices could move down to test $1,300 – $1,320 area before further upside. Traders could look for long position when re-test happen. However, there is a possibility the price reversed up in U.S session later.

The upside target stays the same around $1,357 – $1,360.

Today critical level to watch:

Support: $1,320, $1,300, $1,280

Resistance: $1,337, $1,357, $1,360

Silver major selling back below $17.00

Silver hit by sharp selling today which brought the precious metal prices down and test $16.80 support level. Fortunately, the bull return and the selling stalled. Currently, silver traded near $17.00 support. Will the bull continue holding against the selling and close the day near opening level?

Today critical level to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50, $17.73, $18.00, $18.50.

Crude oil more bullish attempt at $65.00

Crude oil experienced more buying Yesterday, and the price closed just below $65.00. The bull looks eager to break the resistance and proceed further higher. However, there is a bounce in U.S dollar index today, and the bullish sentiment drives crude oil down. If the U.S dollar index continues to move higher, crude oil might fall to at least $62.80.

Traders could look for long position between $59.00 – $60.00 for long-term. Aside from the level, $62.80 could work as short-term level.

Today critical level to watch:

Support: $62.80, $62.50, $60.00, $57.60

Resistance: $65.00