Gold rejection from $1,480

At the end of the previous week, gold dropped and closed the week lower. It is a bearish rejection sign from $1,480 resistance and this week gold might continue lower. On the lower side, traders will observe the channel and previous swing low. Further weakness below both levels will trigger more selling.

Today critical levels to watch:

Support: $1,450, $1,430

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

Silver bearish continuation

We have a major bearish confirmation at the end of the previous week after silver drop below $16.80 and closed near $16.50. A lower low printed on the chart which means traders will expect lower high after bullish correction. A short position near $16.80 is the position, traders could consider.

Today Critical levels to watch:

Support: $16.50

Resistance: $16.80, $17.00, $17.50, $17.73

Crude oil testing $59.50 – $60.00 area

Crude oil is on the upward path as OPEC decide to further reduce oil production. The price currently will test $59.50 – $60.00 area and looking for a breakout above it. Traders could maintain long positions for now while watching the price reaction at $59.50 – $60.00 area.

Today critical level to watch:

Support: $57.60, $55.80, $54.50

Resistance: $59.50, $60.00