Gold cautious bullish approach

Gold resumes its weakness below $1,650 and closed below $1,586.15. It is a major pullback and there is follow-through today toward $1,550 support level. At the current time, gold prices manage to bounce from the $1,550 support level. If the price could close above $1,586.15 then it might start moving higher next week to target $1,650 again.

Today critical levels to watch:

Support: $1,586.15, $1,550

Resistance: $1,600, $1,625, $1,650

Silver might not able to shake bearish pressure

A bearish continuation below $16.50 happened and silver dive to close below $16.00. The precious metal has confirmed medium-long-term bearish trend and it might no able to recover from the previous day fall. Silver currently supported near $15.60. If it could bounce from the support level then traders will observe the price reaction near $16.00

Today Critical levels to watch:

Support: $15.60

Resistance: $16.00, $16.50, $16.80

Crude oil continue the consolidation

More consolidation seen in crude oil prices. The price currently trade near $30.00 – $33.00 and expected to continue with a bearish bias. In the long-term, it seems the market expects crude oil to reach $20.00 handle (Production price of Saudi). It means oil producers will sell below the production costs which is unlikely to happen.

Today critical level to watch:

Support: $30.00

Resistance: $33.00, $40.00