Gold may bounce from $1,586.15

The price of gold experienced a major setback last week and closed near $1,586.15 support level. Today, gold attempting to bounce from the support level. If gold could erase all of its losses incurred last Friday then the precious metal expected to resume its bullish trend.

Today critical levels to watch:

Support: $1,600

Resistance: $1,625, $1,650, $1,700

Silver closed below $17.00

Last week is a hard time for the silver bull as the price tumbled and closed below $17.00. It managed to maintain the level above $16.50 and this week silver will attempt to bounce from it. Currently, $17.00 is the level to watch. If silver could close above $17.00 then traders will expect continuation toward $17.50 – $17.73.

Today Critical levels to watch:

Support: $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil first bullish reaction

The bearish pressure in crude oil prices manage to brought the price below $50.00. No bullish close on the daily chart since rejection from $54.50. Today, there is a bullish attempt after a lower low printed. If the price could close above the previous day high then traders will expect further bullish pressure in crude oil prices. The upward target is $49.00 – $50.00

Today critical level to watch:

Support: $45.00, $42.00, $40.00

Resistance: $50.00, $52.40