Gold closed below $1,500 and SMA 200

It is not a good sign for the bull as gold prices close below $1,500 handle and daily SMA 200. Today, there is lower low printed but the bull currently brings the price back near its opening level. If gold prices could close above $1,500 and the daily SMA 200 then it will cancel the bearish breakout.

However, if the bearish pressure continues and gold prices close below $1,452.01 then traders will expect further bearish continuation.

Today critical levels to watch:

Support: $1,450, $1,350

Resistance: $1,500, $1,550, $1,600

Silver no bottom detected

Silver trend is extremely bearish and there is no bottom seen yet. The price expected to continue under pressure and might reach $10.00. It is better to avoid long positions for now at least until the price form a major bullish reversal pattern.

Today Critical levels to watch:

Support: $12.00, $10.00

Resistance: $13.00

Crude oil continuation toward $20.00

Yesterday, the price of crude oil broke lower and managed to reach $20.00 handle before bounce up and close at $22.06. We think $20.00 handle will become a tough level to break. Traders who are looking for long positions could enter near the level with a tight stop below it.

Today critical level to watch:

Support: $20.00

Resistance: $25.00, $28.74, $30.00