Gold looking to add gain

The bearish reaction in gold prices does not hold up. Today, gold making bullish attempt which has surpassed two days high. The precious metal expected to continue its upward movement now as China reported more infection and death case on coronavirus. The Hubei province change diagnoses method using CR scans which give doctor faster result.

Gold might continue its bullish movement in the coming days toward $1,586.15 if there is no slowing down in the rate of increase of coronavirus infection and death tolls.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver closed below $17.50

Silver closed below the $17.50 support level but no bearish continuation below the support level today. Currently, the precious metal trade higher and move back inside $17.50 – $17.73 range again. It seems the price of silver will continue its ranging movement inside $17.50 – $17.73.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil bounced from $50.00

We have a valid bounce from the $50.00 support level and crude oil closed previous trading day as a strong bullish candlestick. However, the upward movement lost momentum today and the price slightly lower. If the price continues lower and closed near the previous day opening level then crude oil might continue its bearish movement below $50.00

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50