Gold continue higher

The price of gold closed higher on Friday trading session and getting near to $1,280 – $1,300 resistance area. The price looks ready to achieve the resistance in few days if there is no change in the upward momentum. Traders advised to wait and see until gold reached the area to determine the strength of the bull.

If there is strong rejection from the area, it is possible for gold to tumble and cancel the uptrend.

Today critical level to watch:

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

Resistance: $1,280, $1,300

Silver wait and see

Silver is under bullish trend after the price closed back above $16.00. $16.80 – $17.00 is the resistance to break for the trend to change into long-term bullish. There is no higher high yet printed on the chart which means silver still looking for direction. Expect no change in current sideway movement as there are no major news releases today.

Today critical level to watch:

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

Resistance: $16.80, $17.00

Crude touched $50, initial rejection

Crude oil upward movement broke through all its resistance below $50. The price finally touches $50 today and show initial bearish rejection. The bull and the bear might enter consolidation and wait for job news release on Friday. $50 resistance level could be used as the place to look for the short position.

Today critical level to watch:

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

Resistance: $50.00