Gold continue holding out above $1,280

Bearish pressure continues clouded the gold prices today. There are instances of weakness below $1,280 but the bull manages to bring the price back above $1,280 at the current time. There is no conclusion yet, however, the strength in U.S dollar index cause major instruments across the global market to retreat. If gold could continue to maintain the level above $1,280 by the end of the week then next week we might see a bounce from the level.

Today critical level to watch:

Support: $1,280

Resistance: $1,290, $1,300

Silver price back under pressure

Silver experienced a situation similar to the gold prices. The precious metal is on the backfoot and traded near support $15.20. There is no breakout yet and the bull might continue to maintain the price above the level. However, Friday price close is the important event to watch. A close below $15.20 will trigger further selling next week.

Today critical level to watch:

Support:  $15.20, $15.00, $14.40

Resistance: $15.60, $16.00

Crude oil waiting for a bounce from $52.40

No strong bounce from $52.40 yet but the bull attempting to create it today. The situation is unchanged and crude oil expected to test $54.50 resistance and breakout toward $57.60. Traders could place a long position near $52.40 while limiting the loss with stop order below it.

Today critical level to watch:

Support: $52.40, $50.00, $49.00

Resistance: $54.50, $55.00