Gold possible bullish reversal

Bear traders should fear the latest development on the gold prices as it closed near trendline and $1,280. The price bounced at the end of the week after strong U.S non-farm employment and unemployment data. If traders use a weekly chart to analyze then traders could find almost identical weekly low.

It will depend on how the price reacted near $1,280 and the trendline now. A strong bearish rejection followed by breakout below the weekly low is a strong bearish confirmation. On the other hand, a close above $1,280 will trigger buying toward the top of the channel.

Today critical levels to watch:

Support: $1,265, $1,260

Resistance: $1,280, $1,300, $1,320, $1,325

Silver possible bullish reversal

Silver rallied at the end of the week and closed above $14.80 and the trendline. It created a false breakout situation and might develop into a new bullish leg. This week, the price expected to range between $14.80 – $15.00 with a bullish bias.

Traders who are looking for long positions could look near $14.80. The close above $15.00 will become confirmation to hold the positions. On the bearish side, a close below $14.80 on a weekly basis is a bearish continuation confirmation.

Today Critical levels to watch:

Support: $14.80, $14.40

Resistance: $15.00, $15.20

Crude oil no change to the projection toward $60.00

Crude oil stays near weekly low and no strong bullish reaction yet. The price expected to continue its downward correction toward $60.00. Traders could prepare to enter long positions when the price hit the level near $60.00.

Today critical level to watch:

Support: $60.00, $57.60, $55.80

Resistance: $65.00, $67.20, $70.00