Gold stuck in consolidation
No bullish continuation yet since the bounce from $1,585 – $1,600 support area. The price traded below the bullish candlestick high and making consolidation. If the price moves lower again then traders will continue to observe the $1,585 – $1,600 area. Long positions preferred to short positions, however, if the price moving with strong bearish momentum then traders will refrain from taking long positions.
Today critical levels to watch:
Support: $1,600, $1,585, $1,550
Resistance: $1,680, $1,700
Silver rejected from $14.40
There is bearish pressure on silver prices today from the $14.40 resistance. The price moves lower with moderate bearish momentum and currently trade below $14.00. If the bearish pressure continues then we might see a long-term bearish continuation. Traders could use $14.00 as the level to look for short positions.
Today Critical levels to watch:
Support: $14.00, $13.00
Resistance: $14.40, $15.00
Crude oil testing $20.00
Crude oil prices move lower and testing $20.00 support level today. No bounce reaction yet from the support level. If the price could maintain closes above the support level then traders will expect a bullish bounce in the price.
Today critical level to watch:
Resistance: $25.00, $28.74, $30.00