Gold need more bullish confirmation

The upward extension above the bearish channel and resistance $1,500 open the bullish path for gold. Unfortunately, the precious metal experienced selling by the end of the week and the price settle near its opening level. Gold’s next direction will depend on how the price reacted to $1,500 and the channel this week.

There is the Fed interest-rate decision to watch this week which will give high influence to the gold price direction.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver target $18.50

Silver finally breakout above $17.73 and launched upward at the end of the previous week. The upward movement released part of the gain and settle below $18.00. Silver might continue upward this week. However, we think the price will trade sideways until the release of the Fed interest-rate decision.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00

Resistance: $18.00, $18.50

Crude oil to trade between $55.80 – $57.60

Further bullish movement expected at crude oil prices as the price closed inside $55.80 – $57.60 range. Traders could apply ranging strategies between $55.80 – $57.60 until breakout happen. As the medium-term trend turned bullish, traders might want to look for long positions more than short positions.

Today critical level to watch:

Support: $55.80, $54.50, $52.40

Resistance: $57.60, $59.50, $60.00