Gold bearish correction toward $1,600

The precious metal could not extend its bullish movement above the previous bullish candlestick. Today, the price starts moving lower and soon will reach $1,600 handle. Traders could prepare for long positions near the support level when there is a bullish reaction.

Today critical levels to watch:

Support: $1,600, $1,585, $1,550

Resistance: $1,680, $1,700

Silver closed near $14.00

Silver prices lower after rejection from $14.40 resistance. The price closed near $14.00 and maintain the range between $14.00 –  $14.40. We think the price will continue to consolidate near $14.00 – $14.40 for now. Traders will continue to observe where the price close by the end of the day to determine the next direction.

Today Critical levels to watch:

Support: $14.00, $13.00

Resistance: $14.40, $15.00

Crude oil supported by $20.00

No major breakout below $20.00 yet, the price of crude oil maintains the close near the level. Today, there is a bullish attempt to bring crude oil prices higher. If the bull could make a strong bullish close then traders will expect a further bullish correction in the coming days.

Today critical level to watch:

Support: $20.00

Resistance: $25.00, $28.74, $30.00