Gold extend the bullish movement, target $1,500

Gold bounced from $1,430 and closed the week above $1,430 broken level. Today, the price continues its upward movement and print another fresh yearly high. The precious metal might continue its bullish movement and target $1,480 – $1,500 resistance area. Traders could enter long positions when there is retracement in the prices.

Today critical levels to watch:

Support: $1,450, $1,430, $1,400

Resistance: $1,500

Silver launch toward $16.50 resistance

Silver manages to bounce from $16.00 support level and reach $16.50 resistance. The price has strong bullish momentum and might breakout above the resistance soon. However, without a close above $16.50, it is risky to take long positions at the current level.

Trades could either wait for a downward correction and enter long positions at a better location. Alternatively, long position after breakout and retest on $16.50 happen is another option traders could take.

Today Critical levels to watch:

Support: $16.00, $15.60, $15.20

Resistance: $16.50, $16.80

Crude oil trying to hold the level at $54.50

The bearish pressure of crude oil recedes on the Friday trading session and the price manages to bounce from $54.50 and the bottom of channel support. However, it is a weak bounce and currently, the price starts to fall again. Will the support level $54.50 holding out against the bearish pressure and crude oil start moving upward?

Today critical level to watch:

Support: $55.00, $54.50

Resistance: $55.80, $57.60, $60.00, $65.00