Gold small bounce at $1,550

The price of gold moved down with strong momentum at the start of this week. It manages to wipe the gain from $1,550 to $1,586.15 in just two days. Yesterday, there is a bullish reaction from the support level but no bounce confirmation yet. At the current time, the precious metal expected to stick near the support level and waiting for a further clue in the next direction.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver ranging between $17.50 – $17.73

Silver managed to close above $17.50 and avoid breakout below the level. Currently, the price expected to range between $17.50 – $17.73 with a bullish bias. Traders could prepare for long positions near the bottom of the range with a tight stop below it.

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 bounce indication from the $50.00 support level and the price continues higher today above the previous day high. Soon crude oil price will test $52.40 resistance level. Traders will observe the reaction near the resistance level. If there is a strong bearish reaction from the resistance then traders could enter short positions. On the upside, $54.50 – $55.00 is the area to consider for long-term short positions.

Today critical level to watch:

Support: $50.00, $49.00

Resistance: $52.40, $54.50