Gold rejection from $1,586.15

Gold prices rejected from the $1,586.15 resistance and close below Monday candlestick low. The market seems to take a breather as countries across the world start to evacuate their citizens from Wuhan. There is a recovery case but it is too early to say a cure has been found.

Currently, gold prices holding out above the opening level and might close near it. It is possible gold could start moving up again and challenge $1,586.15 resistance.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver drop below $17.73

Silver made a major bearish drop in the previous trading day and closed below $17.50. It is a major surprise for the bull and might lead to a further bearish movement. If silver continues its downward movement then $17.00 support level will become the downside target.

Today Critical levels to watch:

Support: $17.00

Resistance: $17.50, $17.73, $18.00

Crude oil rebounded from $52.40

We have a bullish reaction in the previous day and crude oil manage to close above Monday high. The price might continue its upward movement and challenge the $54.50 resistance. Traders will prepare for short positions if the price could not surpass and close above the resistance.

Crude oil may range between $52.40 – $54.50 until breakout happen.

Today critical level to watch:

Support: $52.40, $50.00

Resistance: $54.50, $55.80, $57.60