Gold retesting $1,300

Gold prices boosted by global sentiment following the rally in commodities after the strong cue from U.S stock market. The bullish move soon will reach the $1,300 resistance and test it. If the resistance is broken, there is daily SMA 200 which the bull needs to break to confirm the rally.

Otherwise, rejections from the resistance will lead gold further lower to test $1,280 support level.

Today critical level to watch:

Support: $1,280

Resistance: $1,300, $1,320, $1,325

Silver time to leave triangle?

The price closed inside triangle pattern which is no surprise. However, the bull emerges today and push the price above the triangle. Will we see silver leave the consolidation pattern and start a new bullish trend to reach $16.80 resistance?

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil possible short-term bottom

Crude oil halted drop around $65.00 support level and attempted to surpass flip level around $66.00 today. There is no valid bounce yet as the price need to clear $66.00 and the previous extreme high around $68.00 to confirm long-term bounce. Meanwhile, traders could wait and see the price reaction. If crude oil continues lower, then traders could place long position near the red trendline.

Today critical level to watch:

Support: $65.00, $62.80

Resistance: $65.78, $70.00