Gold opportunity to extend the bullish movement
The price of gold return above $1,280 by the end of the previous week and currently attempting to break above the high. No strong follow-through by the bull yet and gold still traded below previous week high. A close above the previous week high and the trendline will trigger further buying toward $1,300.
Today critical levels to watch:
Support: $1,280, $1,265, $1,260
Resistance: $1,300, $1,320, $1,325
Silver bounced from support but still bearish
A bounce from $14.40 happened in the previous week and silver escaped breakdown below $14.40. At the current time, there is no bullish follow-through by the bull yet. The precious metal might hover near the current level with the top of the channel as a target. Traders might want to maintain the short bias as silver stay inside the bearish channel.
As long as the price stays inside the channel, there is no reason to take long positions.
Today Critical levels to watch:
Support: $14.40, $14.00
Resistance: $14.80, $15.00
Crude oil further downside?
Crude oil closed below the trendline and confirmed the bearish trend. But, the bull manages to incite bounce from support $57.60 by the end of the previous week. The price currently has a range between $57.60 – $60.00. Traders could use the resistance level as a place to take short positions. Long positions are possible from $57.60 but less desirable under the current trend-changing situation.
Today critical level to watch:
Support: $57.60, $55.80
Resistance: $60.00, $65.00, $67.20, $70.00