Gold bounce from $1,280 support

The precious metal was back under pressure yesterday and print lower close. However, the price shoots up in today trading session after China announces an abrupt decline of 20.7% in export. We could feel the fear creep in the market, traders and investors looking to hedge the uncertainties by moving into gold and other safe-haven assets.

If gold continues its upward movement then we could expect it will test $1,300 soon. A breakout above $1,300 will trigger a new bullish leg.

Today critical levels to watch:

Support: $1,280

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

Silver bounce from $15.00

Silver prices situation is similar to gold after the price holding out at support $15.00. There was a close below the level in the previous day. However, it is not a significant lower close. Currently, the price headed higher and looks will test $15.20 soon. If breakout above $15.20 happens then silver expected to start a new bullish leg.

Today Critical levels to watch:

Support: $15.00, $14.40

Resistance: $15.20, $15.60, $16.00

Crude oil pushed below $55.80

The price of oil zig-zag-ing between $55.80 – $57.60 and showing no direction. However, there is bearish pressure which pushed the price below $55.80. If the bear could maintain the bearish pressure and close the price below $55.80 then it will trigger selling toward the bottom trendline or $54.50. Traders will wait for today closing price to determine where crude oil will move next.

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60