Gold extremely bullish

Gold bull drove the price upward today and there is nothing to stop the upward movement. We suggest traders avoid short position as U.S dollar index also in pullback situation. Gold could move up to $1,250 without much resistance from the bear. The upward target span between $1,250 to daily SMA 200 and could extend toward $1,300. If traders looking for a short position it is better to watch SMA 200 and $1,280 – $1,300 area.

Today critical level to watch:

Support: $1,220, $1,210, $1,200

Resistance: $1,234, $1,240

Silver aiming $15.00 – $15.60 range

Silver on the path upside though it is weaker than gold movement, it has merit to reach at least $15.00. At the current time, traders will continue to ride the bullish move and wait for a reaction near $15.00. If the price could close above $15.00 it will trade inside the higher range of $15.00 – $15.60.

Today critical level to watch:

Support: $14.40, $14.00

Resistance: $15.00, $15.60

Crude oil under pressure but survive the bearish attack

Crude oil closed the week above $71.39 and escape the breakdown although it barely slips below it. Today, the bull attempt to make a bounce from the support level but it seems the bear still has a strong hand and pushed the price back to its opening level. If the selling continues then we might see breakout below $71.39 this week. Long position still favored near $70.00 or the red trendline.

Today critical level to watch:

Support: $71.39, $70.00

Resistance:  $74.04, $74.80, $75.00