Gold under pressure

Gold upward movement stopped yesterday and reversed. The price closed near its opening level and currently it manage to break below the previous day low. If the price could push below Tuesday and Wednesday low then gold expected to continue lower and target $1,600.

Traders will wait for the daily closing level to determine gold next direction.

Today critical levels to watch:

Support: $1,625, $1,600

Resistance: $1,650, $1,700

Silver tumble below $17.50

Silver extend its bearish close yesterday and tumble below $17.50 support level today. The bearish movement has strong momentum and reaches the $17.00 support level. It seems silver breakout from the double top pattern and might start a new bearish trend. At the current time, traders will observe the reaction near $17.00.

Today Critical levels to watch:

Support: $17.00

Resistance: $17.50, $17.73

Crude oil no change to the bearish direction

Crude oil adds more distance from $50.00 support level. The price soon will reach $45.00 and might move further lower toward $42.00 and $40.00. Traders should continue to hold short positions until there is a bullish close on the daily chart.

Today critical level to watch:

Support: $45.00, $42.00, $40.00

Resistance: $50.00, $52.40