Gold light bearish pressure
It is the best time for gold to make a correction and today the precious metal moving lower. It looks will test the support $1,280. If a breakout happens then we expect gold to extend its correction toward $1,260 – $1,265. Traders could prepare for long position when there is bullish reaction near the support level.
Today critical level to watch:
Support: $1,280
Resistance: $1,290, $1,300
Silver slip below $15.60
The price falls below $15.60 today and might be the early sign of a correction in silver price. Traders will continue to focus on the price movement near $15.60 resistance and wait for strong triggers. If the price starts a downward leg then we expect $15.00 will become the support level for next bullish leg.
Today critical level to watch:
Support: $15.00, $14.40
Resistance: $15.60, $16.00
Crude oil stick near key level $50.00
Crude oil trend is bearish and $50.00 resistance might cap any bullish attempt in the price. At the current time, there is no strong reaction from the level and traders will continue to wait for sideway. A close above $50.00 might trigger more buying toward $52.40. On the other hand, strong bearish pattern from $50.00 will trigger the continuation of a bearish trend.
Today critical level to watch:
Support: $42.00
Resistance: $49.00, $50.00