Gold bearish reversal

The attack on the U.S base by Iran seems to produce no casualties which interpreted as a deliberate miss. It is a positive cue for the market and points to the de-escalation of tension between the U.S and Iran. Gold prices pulled-back sharply after the news and fall below $1,550 at the current time.

Gold’s next direction will depend on the development of the situation of Iran and the U.S.

Today critical levels to watch:

Support: $1,500

Resistance: $1,550, $1,586.15, $1,600

Silver tested the level near $17.73

De-escalation of tension in Middle-East expected and silver prices reversed its direction. Yesterday, the price closed bearish and formed a reversal pattern. There is follow-through by the bear today and the price manages to reach a level near $17.73. If the bearish pressure continues then silver might continue moving lower below $17.73.

Today Critical levels to watch:

Support: $17.73, $17.50

Resistance: $18.00, $18.50, $19.00

Crude oil testing $60.00 support level

Crude oil sharply lower after the test on $65.00 resistance. The market seems optimistic that the tension between U.S and Iran will recede as quick as to how its flare-up. Crude oil currently under pressure and testing $59.50 – $60.00 support level. A close below the support area should trigger further bearish pressure.

Today critical level to watch:

Support: $60.00, $59.50

Resistance: $65.00