Gold more bullish pressure

Gold prices recovered part of its losses in the $1,700 to $1,450 drop. The price currently traded $1,610 and set for a bearish correction. If the bearish correction happens then gold might reach $1,550 support level where traders could start looking for long positions.

Today critical levels to watch:

Support: $1,600, $1,585, $1,550

Resistance: $1,700

Silver testing $14.40

We have a bullish correction from $12.00 handle and silver currently traded near $14.40. There is a bullish attempt above the resistance level but the price has returned near its opening level. If the price could continue higher then $15.00 –  $15.20 is the next target.

Traders will prepare for short positions as the trend of silver is bearish.

Today Critical levels to watch:

Support: $14.00, $13.00

Resistance: $14.40, $15.00

Crude oil continues consolidation

Crude oil bounced from the $20.00 handle and currently in consolidation mode. The price has not moved far from today’s opening level. We think the $20.00 support level will be tough to break and traders could enter long positions near it.

Today critical level to watch:

Support: $20.00

Resistance: $25.00, $28.74, $30.00