Gold may onward to $1,550

A breakout above $1,500 and the top of the channel brought gold prices upward yesterday. The price could extend its gain and resume its bullish trend. On the path higher, $1,550 will become the upward target. Traders could look for long positions when there is correction toward $1,500.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver ranging between $17.73 – $18.50

The price of silver bounced from $17.73 support level and currently headed higher. We think the price will continue upward and target $18.50. The price may start consolidation between $17.73 – $18.50 after the test on the resistance. Traders will prepare for short positions when the price hits the resistance and form a bearish pattern.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00

Resistance: $18.00, $18.50

Crude oil under bearish threat

A close below $54.50 and the top of the bearish channel happened yesterday. Crude oil is at the risk of a further bearish trend after the event. At the current time, the price attempting to return above both levels. Will crude oil closed above both levels and avoid bearish trend? Alternatively, will it start the bearish continuation inside the bearish channel?

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.80, $57.60