Gold bounce from $1,850

A retest on the $1,850 broken resistance level happened yesterday. Gold prices bounced from the level and moved higher following the release of the Fed minutes of the meeting. It seems tapering might be on the table but the situation seems mixed. April job data showed a major setback. The next release of job data will become the focus of the Fed. If strong numbers popping then traders will expect tapering on the card and gold prices could continue its upward movement.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $2,000

Silver hold out above the trendline

Silver prices experienced bearish pressure yesterday. The price closed below the pin bar pattern low and currently trading near the trendline. We think the price will bounce from the trendline and continue its bullish trend toward $31.50 in the medium-long term.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $30.00, $31.50

Crude oil time for bearish pullback?

Crude oil prices closed lower near the bottom of the yellow box area yesterday. The price continues its weakness today but no movement below the previous day’s low yet. Will the price continue its weakness and target the $60.00 handle?

Today critical level to watch:

Support: $60.00, $57.60, $55.80, $54.50

Resistance: $65.00, $67.20, $70.00