Gold first sign of reversal

The first sign of reversal spotted on the gold daily chart, the price attempted to move lower below $1,200 support and reversed to close as a bullish candlestick. The bullish close was significant and will open a way toward $1,220 resistance. If the price could break above $1,220 resistance, the gold price should continue its increase back to $1,250 and higher.

Today critical level to watch:

Support: $1,200, $1,184, $1,180

Resistance: $1,220, $1,237, $1,244, $1,250

Silver closed above $17.00

Similar to gold, the price of silver also suffered heavy selling from $18.50 to $17.00. Fortunately, the price closed above $17.00 at the end of the week. This week, silver will attempt to move higher and challenge the bearish trendline. If the price manages to close above the trendline, traders will see it near $18.50 in no time.

Today critical level to watch:

Support: $17.00, $16.75, $16.00

Resistance: $17.20, $17.50, $18.00, $18.50

Crude oil no stop

Crude oil cleared $49.60 low where low of triangle pattern formed. The price movement should scare weak hand out of crude oil and might reverse the direction soon. However, if the pressure continues in the price, there is a possibility it will move below $44.75 – $45.30 to clear all bullish hand.

Bull traders might want to look around $47.00 – $48.00 area for an initial bounce.

Today critical level to watch:

Support: $48.50, $48.00

Resistance: $49.60, $50.00, $50.50, $51.93, $52.40