Gold bounced from $1,586.15

Gold prices made a bullish bounce from the $1,586.15 support level yesterday and erased most of the losses incurred on Friday. If the price could maintain its bullish pressure then traders could expect a further bullish continuation above the previous swing high.

Today critical levels to watch:

Support: $1,600, $1,586.15, $1,550

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

Silver consolidate inside $16.50 – $17.00

Silver return above $17.00 support level and currently aiming to continue higher. Traders will prepare for a reaction near $17.00 and enter long positions when there is a bullish reaction. The bull needs to break and close above $17.73 to confirm a long-term bullish reversal.

Today Critical levels to watch:

Support: $17.00, $16.50

Resistance: $17.50, $17.73

Crude oil bearish reaction from $49.00

There was a bearish reaction near $49.00 resistance and crude oil closed on the negative side yesterday. Today, crude oil has not left the previous day range yet. It seems the price will consolidate near $49.00 for now. Bearish traders will wait for a close below previous day low for confirmation to hold short positions.

Today critical level to watch:

Support: $45.00, $42.00, $40.00

Resistance: $50.00, $52.40