Gold no breakout of $1,390 – $1,430 range yet

The consolidation between $1,390 – $1,430 continue in the previous week and expected to happen this week. As long as there is no breakout in gold, traders could continue applying ranging strategies. However, we favor bullish positions than bearish positions.

Today critical levels to watch:

Support: $1,400, $1,390, $1,380

Resistance: $1,430, $1,450, $1,500

Silver closed below $15.20, moving inside triangle

Silver closed below $15.20 in the previous week and cannot break outside of the triangle pattern. This week, the price expected to continue its ranging movement inside the triangle with a bullish bias. Traders could prepare for long positions whenever the price turn lower and reach support level.

Today Critical levels to watch:

Support: $15.00, $14.80

Resistance: $15.20, $15.60

Crude oil looking for a bounce from $60.00

Crude oil launched above $60.00 and closed above it last week. The price has more potential upside but it seems a bearish correction imminent. If the price manages to reach $60.00 then traders could start looking for a long position when there is a bullish reaction.

Today critical level to watch:

Support: $60.00, $57.60

Resistance: $65.00