Gold rejection from $1,550

After testing the $1,550 resistance for several days, finally gold gave bearish signal yesterday. The precious metal rejected from $1,550 resistance and move lower to print a bearish engulfing pattern. At the current time, there is no follow-through by the bear yet. The price still traded inside the previous day range. A close below the bearish engulfing pattern will trigger bearish correction toward $1,500.

Today critical levels to watch:

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

Resistance: $1,550

Silver target reached, time for a correction?

The $18.50 resistance target has been reached yesterday and silver prices rejected from the resistance. The rejection produced a bearish spinning top pattern. If silver closed lower below the pattern low today then we might see the end of the current uptrend. A bearish correction might happen toward $17.50 – $17.73 area.

Today Critical levels to watch:

Support: $18.00, $17.73

Resistance: $18.50

Crude oil extends gain, target top of the channel

Crude oil on the path upward again after the bounce from $55.80 support level. The price soon will reach the top of the channel resistance. Traders will observe the price reaction at the top of the channel to determine crude oil next direction. Major bearish reversal pattern at the top of the channel is the signal for bearish entry.

Today critical level to watch:

Support: $55.80, $55.00

Resistance: $57.60