Gold stick near $1,260 – $1,265
No strong rejection from $1,260 – $1,265 resistance area yet and gold stick near it. Today, there is mini bullish movement and will test the resistance area soon. There is possibility gold could move higher toward the trendline before rejection happen.
Short position inside $1,260 – $1,265 area is the position traders could consider.
Today critical level to watch:
Support: $1,250, $1,240, $1,236
Resistance: $1,260, $1,265
Silver back above $16.00
Silver climb above $16.00 again at the beginning of the week and provide us with a neutral outlook. The price could either continue higher or tumble again to test bottom trendline. On the weekly and monthly chart, silver might have bounced from the bottom trendline and could start a new bullish leg.
Today critical level to watch:
Support: $16.00, $15.60
Resistance: $16.30, $16.50
Crude oil moving inside the expectation
Crude oil traded between first and second Fibonacci extension level in the previous week. This week, the price expected to continue its sideways movement between two Fibonacci extension level. There is no change to the outlook and traders could continue to trade the range with a bullish bias.
Today critical level to watch:
Support: $72.50, $70.00
Resistance: $74.80, $75.00