Gold looking to close above $1,550

The easing of tension on the Iran-U.S problem caused a sharp drop in gold prices. Yesterday the price made another bearish close but manage to avoid a close below $1,550. Today, the bearish attempt to continue and next week’s trend will be determined by where the price close. A close below $1,550 is a warning sign for the bull and could lead to further bearish correction toward $1,500.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver set to close inside $17.73 – $18.50

Silver traded lower in the previous day and reached the level near $17.73. The price stopped falling today and might close the day near $17.73. If a close above $17.73 happens then silver might range between $17.73 – $18.50 in the next trading week.

Today Critical levels to watch:

Support: $17.73, $17.50

Resistance: $18.00, $18.50, $19.00

Crude oil no close below $59.50

No close below $59.50 support level which mean the bull still has a chance to reverse current bearish pressure. Today, the bear continues to press the price lower and currently crude oil traded below $59.50. As long as the bull could close the price above $59.50 by the end of the week, then crude oil can bounce in the coming week.

Today critical level to watch:

Support: $60.00, $59.50

Resistance: $65.00