Gold on the path higher

Gold prices were under pressure when it broke below daily SMA 200 and continued below $1,250. At some point, the market starts to think breakdown toward $1,220 – $1,200 area was possible. However, the precious metal took a drastic turn and canceled the scenario after it reclaims $1,300 handle.

Currently, gold using $1,300 as support level to advance further and test 2017 high.

Today critical level to watch:

Support: $1,300, $1,280

Resistance: $1,320, $1,337

Silver massive upset for the bear

Big upset, massive upset happened at silver prices. The price rallied after initially broke below $16.00 support level. The rally expected to run out of steam when it reaches $16.50, but the reality spoke differently. The bull managed to break above $16.50 and push the price further above $17.00.

Silver has recovered all of its losses since the breakdown below triangle pattern which suggests the bull is in control. No reason to take a short position and it is better to look for long position when the market test support level.

Today critical level to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil more upside?

The bull stormed the market and leaving traces full of grumpy bear. There is no resistance seen on the daily chart, but on the weekly chart, the resistance loom. There is resistance around $62.57 which is 2015 high. Traders might want to trade cautiously when the price is testing the resistance. No suggestion yet for crude oil aside from wait&see.

Today critical level to watch:

Support: $60.00, $57.60

Resistance: $62.50