Gold attempting to hold above $1,250

The precious metal recovered after the close below $1,250 in the previous day. If the bull could maintain gold at the current level, then we might see a bounce next week. However, the target of bounce is located at $1,260 – $1,265 area where gold expected to reverse and resume its bearish trend.

Today critical level to watch:

Support: $1,250

Resistance: $1,260, $1,265, $1,280

Silver mini bounce

It might be the time to load small long position in silver as the precious metal attempt to bounce from $16.00. There is no confirmation yet, but it seems silver will close above $16.00 before the end of the week. The first upward target is previous week low around $16.30 with possible extension to $16.50.

Today critical level to watch:

Support: $16.00

Resistance: $16.30, $16.50, $16.80, $17.00

Crude oil ride the bull

There is nothing to do yet in crude oil, and the price finally prints new fresh high above previous month high and continue moving to Fibonacci extension 2 level at $74.80. We expect some reaction near the $74.80 – $75.00 resistance level. At the current time, it is better to wait until the price losing momentum and form bearish pattern before placing short position.

Today critical level to watch:

Support: $72.50, $70.00

Resistance: $74.80, $75.00