Gold on the path upside

The bounce of gold halted its upward movement after the previous day neutral close. There is not much movement to expect today, and the price might consolidate and maintain a position above $1,250 and previous week high $1,255.

Traders who are looking for the long position might want to wait for re-test of $1,250 again with stop level below FOMC candlestick. On the upside, $1,280 – $1,300 target area is not far.

Today critical level to watch:

Support: $1,258, $1,250, $1,244, $1,240

Resistance: $1,280, $1,300

Silver initial test yield bearish result

The price of silver touched $16.80 resistance where there is previous lower high present. Initial test show rejection and a bearish candlestick close. There is no conclusion yet, and the bull might bring the price higher for another test. It is Friday which is the last day of the week, and traders could expect the price of silver is moving sideway.

Today critical level to watch:

Support: $16.50, $16.00, $15.61, $15.00

Resistance: $16.80, $17.00

Crude oil cleared $49.00  heading to $50.00

Another bullish close performed on the crude oil daily chart. The price closed above $49.00 and ready to challenge psychological level $50.00. Fundamental sentiment aligned for further upside and it looks like the crude oil price will not take a long time to reach the resistance level.

Next question to ask is, will crude oil secure $50 and trade higher above it in the second half?

Today critical level to watch:

Support: $49.00, $48.50, $48.00, $47.31

Resistance: $50.00