Gold blast $1,300 resistance

The price of gold surpassed $1,280 resistance and closed above it at the end of the previous week.  It is a major bullish pattern and the bull needs to follow through by maintaining the level above $1,300. Traders could watch $1,300 as the level to take a long position when there is a bullish reaction. It is better to stay out of short position for now until major bearish reversal pattern formed.

We expect gold will reach $1,337 in the medium-term.

Today critical level to watch:

Support: $1,300, $1,290, $1,280

Resistance: $1,337

Silver jump from $15.20 support

The bull is in control of silver as the price launch from $15.20 support level and currently traded near this month high. Will we see a fresh high this month? we think it is possible but it might happen next month. The upward target of silver movement is $16.00.

Today critical level to watch:

Support: $15.60, $15.20, $15.00, $14.40

Resistance: $16.00

Crude oil relatively calm

No much movement in crude oil despite major movement in U.S dollar counterpart at the end of previous week. Crude oil might continue its ranging movement between $52.40 – $54.50 until breakout happen. We maintain the bullish outlook and think crude oil will breakthrough $54.50 and head to $57.60 – $60.00. Long position near $52.40 might be the best options traders could take.

Today critical level to watch:

Support: $52.40, $50.00, $49.00

Resistance: $54.50, $55.00