Gold testing $1,480 resistance

Gold managed to reach $1,480 resistance and show little bearish reaction yesterday. The precious metal might trade near the resistance level while building up bullish momentum. At the current time, there is no major bearish reaction yet and traders will continue to hold long positions.

Today critical levels to watch:

Support: $1,450, $1,430

Resistance: $1,480, $1,500, $1,550

Silver bearish engulfing pattern

The trouble continues in silver prices as the price moves lower and produce a bearish engulfing pattern yesterday. Fortunately, the price closed inside $16.80 – $17.00 range and might consolidate inside it now. As long as no close below $16.80 then there is chance silver could reverse current bearish pressure.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil erased losses incurred at the start of the week

The upward movement of crude oil manages to recover all of the losses incurred at the start of this week. Crude oil is potentially able to continue upward and test $60.00 resistance. Traders could prepare for long positions when there is correction toward $57.60 support level.

Today critical level to watch:

Support: $57.60, $55.80, $54.50

Resistance: $59.50, $60.00