Gold holding out near $1,550

Gold prices continue its bearish movement since the rejection from the $1,586.15 resistance. The price currently holding out near $1,550 support level and might attempt to bounce from it. Traders could look for long positions if gold prices could close the day on the positive side.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver holding out above $17.50

Silver continued its bearish pressure yesterday and closed near $17.50. There is no bearish continuation below the support level today and the bull attempting to reverse the bearish pressure. If silver could close above $17.73 then traders will expect further bullish pressure in the price.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil further bearish close

No bounce from the support level yet, even though the price of crude oil stage rally yesterday. At the end of the previous day, crude oil reversed its bullish gain and closed below $50.00. No change to the bearish outlook in the crude oil prices and traders might want to avoid long positions for now. Short positions could be taken when the price of crude oil makes bullish correction toward $52.40.

Today critical level to watch:

Support: $49.00

Resistance: $50.00, $52.40, $54.50