Gold looking to print higher high

The world shrouded by uncertainties and pessimism as coronavirus continues to spread worldwide. Gold clawing upward and soon will surpass the previous month high. The price expected to continue moving upside as the U.S dollar take a beating.

The market thinks the Fed has hit the panic button after they announced an emergency rate-cut by 50 bps. It is an uncommon decision and done at the worst time. Why not wait until the next FOMC meeting? As the U.S dollar fall, traders will let gold continue upward and observe again The Fed stance in the next FOMC meeting.

Today critical levels to watch:

Support: $1,650, $1,625, $1,600

Resistance: $1,700

Silver testing $17.50 resistance

Silver upward correction has reached $17.50 resistance today. The next direction will depend on the market reaction near the resistance. If silver could not close above $17.50 – $17.73 resistance area then traders will expect a bearish rejection, followed by bearish continuation.

Today Critical levels to watch:

Support: $17.00, $16.50

Resistance: $17.50, $17.73

Crude oil on the path lower

Crude oil resumes its bearish trend after the rejection from the level near $49.00. Similar to the previous analysis, it is better to stick with short positions and waiting for a bullish correction to add more short positions. At the current time, traders will ride the price lower and test previous bullish engulfing patterns low. We think crude oil will reach $42.00 without any major change in the world situation.

Today critical level to watch:

Support: $42.00, $40.00

Resistance: $45.00, $50.00, $52.40