Gold bearish close near $1,700

Gold bearish pressure managed to push the price down and close near the $1,700 support level. The bearish pressure has not receded yet. If the gold price breakout and closes below $1,780 then traders will prepare for bearish continuation toward a $1,500 – $1,550 area.

Traders could use the $1,680 – $1,700 area to enter long positions and target $1,780 – $1,800.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver testing the $26.00 and trendline

The bearish pressure on silver price brought the price down below $26.00 and tested the trendline today. There is an initial bullish reaction today from the trendline. If the silver price could close above $26.00 then traders will expect the price to start moving upward again back to its bullish trend.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $30.00, $31.50

Crude oil return above $60.00

Crude oil prices currently waiting for OPEC meeting which will discuss possible ramp-up production to balance the price appreciation. If the price start moving lower and continue the bearish correction then $54.50 – $55.00 is the level to watch for a possible bounce.

Today critical level to watch:

Support: $60.00, $57.60

Resistance: $65.00, $70.00