Gold strong buying from $1,280 – $1,300 area

The bounce from $1,280 – $1,300 support area is one event watched by traders across the world, and it happened Yesterday. The bull only needs two days since first close below 1,300 to bring the price back above it again. The buying pressure formed a bullish engulfing pattern which is a confirmation gold will continue its path higher.

However, traders must be careful as the bullish engulfing pattern has not confirmed yet by a close above the high. Meanwhile, a long position with a stop below the bullish engulfing pattern might yield success.

Today critical level to watch:

Support: $1,300, $1,280, $1,258

Resistance: $1337, $1,390, $1,400, $1,430

Silver copy gold bull

Similar outlook as gold, silver formed a bullish engulfing pattern from its support area $16.80 – $17.00. If the pattern confirmed by a close above the pattern high, it will trigger more buying toward $17.73.

Today critical level to watch:

Support: $17.00, $16.80

Resistance: $17.50, $17.73, $18.00, $18.50

Crude oil checkpoint

Crude oil made an instant jump after it breaks above previous week high. The bull pushes the price in a hurry and closed the price just below $52.40 which is reached today. The upward momentum is strong and might be able to continue above the resistance. If crude oil retraces downward, it should find support near the trendline.

Today critical level to watch:

Support: $51.00, $50.00, $49.00, $48.50

Resistance: $52.40