Gold further bullish close

Gold prices bounced from $1,586.15 support level last week and settle at $1,673.86. The price expected to continue its bullish movement and print further higher high on the daily chart. Traders will continue to hold long positions and wait for major bearish pattern before changing positions.

Today critical levels to watch:

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

Resistance: $1,700

Silver closed at $17.00 – $17.50

The bull stage a bullish corrective movement but could not close above $17.50 resistance last week. Silver prices printed a bearish candlestick and might move lower to test $17.00 again. At the current time, the price might trade between $17.00 – $17.50 until breakout happen.

Today Critical levels to watch:

Support: $17.00, $16.50

Resistance: $17.50, $17.73

Crude oil further weakness

Same as previous analysis, no reason to take long positions in crude oil prices. The only logical action traders could take is taking short positions when there is a bullish correction. Currently, $40.00 is the nearest support level to watch. On the upside, $42.00 – $43.00 will become the area to watch for bearish continuation.

Today critical level to watch:

Support: $40.00

Resistance: $42.00, $43.00, $45.00