Gold supported at $1,650

Gold prices made two days bearish correction and closed near $1,650. No breakout below the support level and today the bull attempting to make a bounce from the support level. We think the long-term trend of the precious metal continues bullish as long as there is no major bearish close below $1,562.57.

At the current time, traders could continue to add more long positions whenever the price makes a bearish correction.

Today critical levels to watch:

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

Resistance: $1,700

Silver consolidate inside $16.80 – $17.00

The bearish pressure in silver prices pushed it lower and printed two bearish closes. Fortunately, there is no lower low printed on the second day and currently, silver expected to range between $16.80 – $17.00. Traders will continue to monitor the price reaction inside the range and place positions base on the breakout direction.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil ready for another bearish sweep?

The start of oil price war brought oil prices down 30% at the first day. Crude oil manage to stall the bearish movement in the second day and today the bull attempting to continue the upward movement. On the long-term it seems there is more bearish room for the price. Traders might want to treat the current upward movement as a corrective movement.

Short positions could be entered when there is a major bearish continuation pattern.

Today critical level to watch:

Support: $30.00

Resistance: $33.00, $40.00