Gold closed at the middle of $1,550 – $1,586.15

Gold prices bounced from the $1,550 support level and closed in the middle of $1,550 – $1,586.15 range. The precious metal might continue moving upward as coronavirus death toll continue to rise. Countries across the world also raising the alarm against the virus. Currently, the death toll has exceeded the number of 2013 SARS epidemic.

This week, traders will continue to observe the gold price movement inside $1,550 – $1,586.15 range.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver closed inside $17.50 – $17.73

Silver turned lower in Friday trading session and closed inside $17.50 – $17.73 range. The price might continue moving inside the range for now. Traders will wait for a breakout of the range to determine the next long-term direction. We favor bullish breakout in silver prices and suggest traders prepare for long positions near $17.50.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil resume bearish pressure

Crude oil prices trade lower after the reaction near $52.40 resistance. The price expected to continue its downward movement for a while as China oil demand dwindle. This week, crude oil prices might test $50.00 support level and attempt to close below it.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50