Gold supported at $1,500 and SMA 200

The precious metal fell below the SMA 200 and $1,550 support level. It managed to reach $1,452.01 support level and bounced from it. The precious metal currently sticks near $1,500 and SMA 200 waiting for further reaction. If the price could bounce from both levels then traders could start to enter long positions.

On the other hand, if bearish pressure continue mount then gold might target $1,350 – $1,374.53

Today critical levels to watch:

Support: $1,500, $1,450, $1,350

Resistance: $1,550, $1,600

Silver no bullish reaction

Silver prices extend its drop yesterday after rejected from the $15.20 resistance level and closed below $13.00. There is no bullish sign, traders will continue to expect the price to continue further lower. It is better to avoid long positions for now and wait for the price to show a bullish sign first.

Today Critical levels to watch:

Support: $12.00

Resistance: $13.00, $14.00, $15.00

Crude oil continues the consolidation

Crude oil prices under pressure yesterday and closed near $28.74. At the current time, the price expected to consolidate inside $28.74 – $33.00 area. Not many, traders could do aside from waiting. If the price continue lower then traders will observe the $20.00 handle.

Today critical level to watch:

Support: $28.74, $25.00, $20.00

Resistance: $30.00, $33.00, $40.00