Gold dropped on better than expected Non-farm data

The price of gold dived on Friday trading session after U.S Non-farm employment data logged 224k increase vs. 162k expectation. We think a current downward movement is a temporary event before this month Fed interest-rate decision. Gold might continue ranging inside $1,390 – $1,430 until the actual announcement.

At the current time, traders will wait for bullish reaction near $1,390 support level.

Today critical levels to watch:

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

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

Silver major bearish close below $15.00

After maintaining the level above $15.20 for most of the time in the previous week, silver finally dived below $15.20 and $15.00 to close at $14.94. It is a bearish situation and silver might continue to test $14.80 this week. Traders could prepare for a long position if there is a bullish reaction on the support test.

Today Critical levels to watch:

Support: $14.80

Resistance: $15.00, $15.20, $15.60

Crude oil further bullish correction

Crude oil survives the selling in the previous week and closed the week above $57.60. This week, it is possible for crude oil to continue upward and target $60.00. However, if the price started the week with further bearish close then we might see $54.50 – $55.00 test.

Today critical level to watch:

Support: $57.60, $55.80, $55.00, $54.50

Resistance: $60.00