Gold looking to add gain this week

The rally at the end of the previous week brought gold to print higher high and closed above April high. It is a strong bullish indication and expected to continue this month. The precious metal currently might start correction to test $1,300 support level first before continue higher tough it is not mandatory.

Traders could look for long positions near the support $1,300 when there is a bullish reaction.

Today critical levels to watch:

Support: $1,300, $1,280, $1,265, $1,260

Resistance: $1,320, $1,325

Silver stay inside the bearish channel

The upward pressure of silver could not break the top of the channel but manage to close the week near its opening level. Although the situation is bullish, silver could turn lower at any time as long as the price stays inside the bearish channel. There is no reason yet to take long positions and traders might want to see the reaction at the top of the channel first.

Today Critical levels to watch:

Support: $14.40, $14.00

Resistance: $14.80, $15.00

Crude oil little hope for a bounce

Crude oil rejection from $59.50 – $60.00 resistance and the trendline brought the price down and close below $54.50. Traders might not see the price turn bullish soon and we might see a test on $52.40 support level this week. If the price manages to hold above $52.40 and produce bullish reactions then traders could enter a long position.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.00, $57.60