Gold recover above $1,500 after closure below it

In the previous trading day, gold closed below $1,500 support level and under risk for a further bearish correction. However, the price recovers today and return above $1,500. If the bull traders could close the price above $1,500 then we might see a bounce and bullish continuation on the play. On the upside, $1,550 is the target and might be reached in medium-long-term.

Today critical levels to watch:

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

Resistance: $1,550

Silver broke and close below $17.00

Silver closed below $17.00 and might trigger a further bearish correction. Fortunately, there is no bearish follow-through yet. At the current time, the price making bullish attempt to return above $17.00. If silver could close above $17.00 then it will cancel the bearish outlook and start a new bullish leg.

Today Critical levels to watch:

Support: $17.00, $16.80, $16.50

Resistance: $17.50

Crude oil more bullish correction toward the top of the channel

A bullish close above $54.50 – $55.80 area happened in crude oil. The price might continue its bullish movement toward the top of the channel to complete the bullish correction. Traders could look for short positions when there is a bearish reaction from the top of the channel or $57.60 resistance.

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60