Gold time for bearish correction?

The upward movement of gold prices managed to print further higher high on the daily chart. There is no stop to the bullish pressure yet. But, currently the price move lower and might start a correction. Traders will wait the price to move further lower and prepare to enter long positions. $1,650 is the level to watch, below the level there is $1,586.15 – $1,600 area.

Today critical levels to watch:

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

Resistance: $1,700

Silver back under bearish pressure

Silver prices is under trouble once again after the price rejected from the $17.50 resistance. We have a rejection and a bearish engulfing pattern. If the bear could push the price below previous day low then traders will expect further bearish continuation. At the current time, silver prices trade inside $16.80 – $17.00 area.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil waiting for the next direction clue

A gap in price mostly closed after period of times. Crude oil prices settled at $30.30 yesterday and might trade between $30.00 – $33.00 for now. We think the long-term trend is bearish and prefer to stay sideline for now. It is better to wait for further clue before placing any major positions in crude oil. Otherwise, traders who has short positions could continue hold the positions.

Today critical level to watch:

Support: $30.00

Resistance: $33.00, $40.00