Gold another rejection from $1,430

The price of gold made upward movement in the previous day above $1,430, however, at the end of the day, the price turned lower and closed below its opening level. Today, the price has not moved much from its opening level. If the price move below the previous day low then we could expect bearish correction toward the bottom of range $1,390 – $1,430.

Traders could continue to apply ranging strategy between $1,390 – $1,430 with a bullish bias.

Today critical levels to watch:

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

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

Silver no bullish confirmation yet

The bullish engulfing pattern on Silver daily chart initially confirmed by upward movement above the candlestick high. However, the bear took control of silver and pushed the price back below its opening level. We have a false breakout situation and silver might start moving lower to test previous day low.

We expect the bull will defend $15.20 support level and traders could use the moment to enter long positions.

Today Critical levels to watch:

Support: $15.20, $15.00, $14.80

Resistance: $15.60

Crude oil further weakness?

A major bearish close below $57.60 happened on Monday. Crude oil projected will continue lower toward $54.50 – $55.00 after the bearish movement. But, no bearish follow-through yet in the crude oil prices. At the current time, we have rejection from $57.60 resistance. Will crude oil continue lower and break below $55.80?

Today critical level to watch:

Support: $55.80, $55.00, $54.50

Resistance: $57.60, $60.00