Gold confirmed bounce

Gold bull finally manages to secure a bounce in the precious metal, and the upward momentum broke seven days range which confirms upside. The price could continue upward to the $1,337 test resistance and higher. Traders could use previous seven days high to place long position and ride the bullish momentum. However, a weekly close inside the seven days range is a sign to exit the long position.

Today critical level to watch:

Support: $1,320, $1,300

Resistance: $1,325, $1,337, $1,340

Silver cleared $16.50 resistance

It is the good day for silver bull as the price surpass $16.50 resistance after struggling below it for few weeks. The price launch above the resistance and moving it near the next resistance $16.80 – $17.00. Will we see continuation upward above the resistance area and confirm a long-term bullish bounce?

Today critical level to watch:

Support: $16.50, $16.00

Resistance: $16.80, $17.00, $17.50

Crude oil target fibonacci extension level

Crude oil upward path cleared and the price sees no resistance to move toward Fibonacci extension level at $72.49 and $74.80. Traders who hold long position could continue to maintain the position and take partial profit near the extension level if weakness is seen.

Traders who have no position could look for long position near $70.00 breakout level.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00