Gold bullish reversal

Gold takes an unexpected turn in the previous day after printed fresh low. The precious metal bounced from a level near $1,240 where December’17 low present. Although it is unexpected, the situation is normal as there is no significant bounce since gold fell without stop from $1,300 to $1,240.

This could be the first significant bounce in gold. However, it might stall around $1,260 – $1,265 where traders could look for a short position.

Today critical level to watch:

Support: $1,250, $1,240, $1,236

Resistance: $1,260, $1,265

Silver recover above $16.00

Silver managed to recover above $16.00 today even though there is no close above the level yet. On the weekly chart, the blue trend line is the major level to watch. The price always bounces from the trendline and this time silver has bounced and almost reach the weekly opening level.

The direction of silver will depend on the weekly price close. A close above $16.00 is positive and could trigger more buying in the coming week.

Today critical level to watch:

Support: $16.00, $15.60

Resistance: $16.30, $16.50

Crude oil no bearish close yet

Crude oil confidently continues its upward stride and providing no room for the bear. There is no close above the second Fibonacci extension level at $74.80 yet. However, the price made another bullish close. No clue on the next direction yet, but, soon we will know after the reaction from the second Fibonacci extension level.

Today critical level to watch:

Support: $72.50, $70.00

Resistance: $74.80, $75.00