Gold caught on sudden bearish pressure

Gold’s long-term trend is bullish but there was sudden bearish pressure last week which brought the price down near $1,500. This week, the price expected to make tests on the daily SMA 200 and $1,500 handle. If the price could not maintain the level above both support levels then traders will expect further bearish pressure.

A trend change from bullish to bearish will happen only if the price close below $1,450

Today critical levels to watch:

Support: $1,500, $1,450

Resistance: $1,550, $1,600

Silver bearish for long-term

There is less hope for the price to turn bullish after silver closed below $16.00 and $15.00 respectively. The price might extend its bearish pressure toward $14.00 support level. At the current time, traders will stay sideline and waiting for a bullish correction to happen.

Today Critical levels to watch:

Support: $14.00

Resistance: $15.00, $15.60, $16.00

Crude oil more consolidation

The price of crude oil consolidate between $30.00 – $33.00 area and showing no momentum movement yet. This week, the price expected to continue moving inside the range and waiting for a breakout. As the long-term trend still bearish, traders will wait for a bullish correction to enter short positions.

Today critical level to watch:

Support: $30.00

Resistance: $33.00, $40.00