Gold grazed level near $1,280

The gold bearish move continues at the start of this week and almost reached the $1,280 bottom support level before turning up. The price currently traded above the opening level and suggest a bullish close is warranted. The precious metal might continue its upward movement next day and reach $1,300 resistance before deciding next direction.

Traders could use the moment to look for short position when gold reaches $1,300 and assume the precious metal will maintain the range between $1,280 – $1,300.

Today critical level to watch:

Support: $1,280

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

Silver bull does not admit defeat

Silver stage a rally after sharp drop today below the black trend line. The bull does not admit defeat despite the bearish pressure applied by the bear in the previous week. The precious metal ready to test $16.50 level again and deciding next direction. At the current time, the situation is bullish and favor breakout upside.

Today critical level to watch:

Support: $16.00

Resistance: $16.50, $16.80, $17.00

Crude oil broke sell button

Crude oil bull comfortably brings the price higher today and shoo away the bear. The price shows no intention to make the correction and looks ready to break above $72.49 Fibonacci extension level. If the level is broken by the bull, then we could expect crude oil will continue higher toward second extension level at $74.80. There is nothing to do yet at the current time.

Today critical level to watch:

Support: $70.00, $65.78

Resistance: $72.49, $75.00