Gold aligned for more upside

Gold prices closed above its bullish channel and getting closer to $1,300 resistance. The price is currently testing the broken channel. There is no indication of a bounce yet, but there is good odds gold will bounce and continue above $1,300. Traders could use current level as entry level with a stop below $1,280 or use lower time frame to determine the nearest support.

Today critical level to watch:

Support: $1,280, $1,258, $1,250

Resistance: $1,300, $1,313.22, $1337

Silver broke upside

Silver finally broke outside of the triangle range and setting up for bullish continuation. The level near breakout point is the best place to look for a long position. Traders could put the stop level below breakout candle low or safer below $16.80. The only unfavorable situation for silver is the price stay below $17.20 today.

Today critical level to watch:

Support: $17.00, $16.80, $16.50, $16.00

Resistance: $17.20, $17.50, $17.73

Crude oil reach previous breakout point

Crude oil prices bounced near trendline and the price back near its previous breakout point. The price might have limited movement near the resistance and traders could observe the price reaction. A short position could be taken on bearish reaction. However, the long position needs to wait until breakout higher happen.

Today critical level to watch:

Support: $56.00, $55.23, $54.50, $52.40

Resistance: $60.00, $62.50.