Gold aiming for fresh high above previous month high

Gold gapped down on Monday trading session and closed below $1,390. It is a bearish situation and suggesting a further bearish correction. However, yesterday the price stage rally and erase all of its losses incurred on Monday. The rally incited by the threat of new trade war between the U.S and EU. If the situation continues unchanged then we could expect gold to continue its climb above $1,430.

Today critical levels to watch:

Support: $1,400, $1,390, $1,380

Resistance: $1,430, $1,450, $1,500

Silver bounced from $15.00

The downward target of silver at $15.00 reached yesterday and there was a bounce from the support level. At the end of the day, silver closed above $15.20 and formed a bullish engulfing pattern. Today, silver manage to climb above the previous day high but currently traded near its opening level.

If silver could add more gain before the end of day and closed as strong bullish candlestick then we will have a bullish confirmation toward $15.60.

Today Critical levels to watch:

Support: $15.00, $14.80

Resistance: $15.20, $15.60

Crude oil rejected from $60.00

Crude oil rejected from $60.00 resistance after OPEC announced the extension of a production cut. It seems the market more concern on the future oil demand caused by U.S-China trade war and the looming U.S-EU trade war. At the current time, crude oil might continue its bearish movement toward $54.50 – $55.00 support level.

Today critical level to watch:

Support: $57.60, $55.80, $55.00, $54.50

Resistance: $60.00