Gold ready to test $1,500

Gold retrace a bit after it reaches the middle of $1,500 – $1,550. The precious metal long-term bullish momentum seems will continue but it needs to test the nearest support first. We might see a test on $1,500 soon and traders could look for long positions when there is a bullish reaction from the support level.

Today critical levels to watch:

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

Resistance: $1,550

Silver testing support $17.00

The support $17.00 is under test currently. No bullish reaction yet from the support level but as long as there is no change in the market situation, we expect a bounce will happen. Traders could start looking for long positions in the lower time frame for now.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil settle between $54.50 – $55.80

At the end of the previous week, crude oil closed inside $54.50 –  $55.80 range. This week, the price might consolidate between two levels while waiting for the next direction. It is possible for the price to continue upward and test the top of the channel before resuming its bearish trend inside the channel. However, there is no guarantee the price will reach the top of the channel.

Today critical level to watch:

Support: $55.00, $54.50

Resistance: $55.80, $57.60