Gold shining on looming recession news

Gold prices gained in the previous day, bounced from $1,500 support level. The precious metal could move further higher as the fear of recession spiked in the market. Yesterday, the bond yield of U.S government experienced inversion. It is the first since 2007 and a strong indicator that economic recession loom.

At the current time, gold might continue upward to test $1,550 and range between $1,500 – $1,550 until further evidence of recession confirmed.

Today critical levels to watch:

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

Resistance: $1,550

Silver return above $17.00

It is the time for the precious metal to shine as economic recession loom. Silver managed to return above $17.00 yesterday and suggest further upside this week. The price initially moves above previous day high but retraced near the opening level now. If there is no change to the fundamental situation then we might see silver hanging at $17.50 soon.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil closed near $54.50

Crude oil relinquished gains from $54.50 bounce on Tuesday. The price moves lower and closed near $54.50. If the bearish pressure continues then crude oil expected to breakout below $54.50 support and the bottom of the bearish channel. $50.00 – $52.40 will become the area to watch when the price moves down.

Today critical level to watch:

Support: $55.00, $54.50

Resistance: $55.80, $57.60