Gold demolished the bear

A surprise turned up by the bull produces a bullish engulfing pattern near $1,280. Today, the bull follow-through by pushing the price upside and thrust above $1,300 resistance. The situation is extremely bullish and no reason to take short positions. Traders could use $1,300 as support level to look for long positions next week when retracement happens.

Today critical levels to watch:

Support: $1,300, $1,280, $1,265, $1,260

Resistance: $1,320, $1,325

Silver stay bearish despite the bullish close

Gold situation turned bullish and silver follows suit. However, the price of silver still trapped inside the bearish channel. No Change of trend as long as the price stays inside the channel. But, traders might want to wait for a strong bearish reversal pattern near the top of the channel before entering short positions.

Today Critical levels to watch:

Support: $14.40, $14.00

Resistance: $14.80, $15.00

Crude oil rejected from $59.50 – $60.00

The major bullish reversal candlestick triggered but crude oil price immediately turned lower after rejected from the resistance trendline and $59.50 – $60.00 area. No bullish sign yet and the bearish pressure is strong. The price might find support at $54.50 but it is too early to enter long positions. Wait until the bearish pressure recedes before placing any long positions.

Today critical level to watch:

Support: $54.50

Resistance: $55.00, $57.60, $60.00