Gold stays sideways

Gold direction is nowhere between $1,280 – $1,300 area. The precious metal mostly sideways and moving in narrow range each day. There are positions suggested under the current situation and traders could continuously monitor the extreme level of the range. We think the possibility of bullish breakout is higher than the bearish breakout. However, it is better to wait until the actual event takes place before placing any positions.

Today critical level to watch:

Support: $1,290, $1,280

Resistance: $1,300

Silver slightly lower

The price drifted lower and print lower low on the daily chart. It is not a confirmation of bearish continuation. However, it could be an indication correction is due in silver. If correction happens then silver might drop to test $15.00. Traders could look for long positions when the price hit the level and produce bullish patterns.

Today critical level to watch:

Support:  $15.00, $14.40

Resistance: $15.60, $16.00

Crude oil stick near $52.40

Not much change in crude oil today. The price stick near $52.40 and experience bearish reaction. It is not a strong bearish reaction and crude oil recovered to near its opening level. The weekly trading session soon will come to a close. If crude oil could climb above $52.40 then traders will see the price continue further toward $54.50 in the coming week.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50, $55.00