Gold holding out above $1,600

Gold prices secured a close above $1,600 and open the path toward $1,680 – $1,700. Yesterday, the price corrected lower but managed to close above $1,600. Today, the price is under bearish pressure and tested $1,585 support level. At the current time, gold could bounce from the support level and trade near its opening level. If the price could close above the previous day high then traders will expect bullish continuation.

Today critical levels to watch:

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

Resistance: $1,700

Silver closed near $14.40

No breakout above $14.40 but silver prices indicate further bullish movement toward $15.00 – $15.20. Today, the price stick near $14.40 and waiting for further reaction. If there is no close above the $14.40 then silver expected to consolidate inside $14.00 – $14.40 range.

Today Critical levels to watch:

Support: $14.00, $13.00

Resistance: $14.40, $15.00

Crude oil directionless

The price of crude oil continue its consolidation after the bounce from $20.00 handle. No clue on the next direction yet. However, if the price make the bearish attempt then traders could use $20.00 handle as the level to look for long positions.

Today critical level to watch:

Support: $20.00

Resistance: $25.00, $28.74, $30.00