Gold rejected from $1,550 resistance

Gold climbed further upside in the previous trading day, but the precious metal experienced rejection and the price settled near the opening level. The rejection produced a bearish pin bar pattern which if confirmed will trigger a bearish correction. Currently, there is no confirmation yet and gold attempt to move further upside.

Short positions are not the best idea to take and long positions need a pullback first. It is better to stay sideline and watch the price reaction near $1,550.

Today critical levels to watch:

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

Resistance: $1,550

Silver unstoppable above $17.50

Silver printed higher closing level yesterday above $17.50 resistance. At the current time, the price continues further upside and testing $17.73 resistance. Without any change in the situation, we think silver could breakout higher and target $18.50 in the medium-long-term.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00

Crude oil sideways between the bottom of the channel and $54.50

There was an attempt to bounce from the bottom of the channel in crude oil. It initially manages to climb above $54.50 and $55.00. But at the end of the day, crude oil reverse its upward movement and settled below $54.50. It suggests possible sideways movement between the bottom of the channel and $54.50. Traders could use the moment to trade the range with a bearish bias.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.00