Gold target the top of the channel
The price of gold closed higher yesterday, above the top of the pin bar pattern. It is expected to continue the bullish correction toward the top of the channel. When the price reached the top of the channel and formed a bearish pattern then traders could look for short positions.
Today critical levels to watch:
Support: $1,450, $1,430
Resistance: $1,480, $1,500, $1,550
Silver closed inside $16.80 – $17.00 range
The price moves upward but no breakout above $17.00 resistance yet. At the current time, silver expected to trade between $16.80 – $17.00 until breakout happen. Without any close above $17.00, traders better stick with short positions.
Today Critical levels to watch:
Support: $16.80, $16.50
Resistance: $17.00, $17.50, $17.73
Crude oil more bullish pressure on $57.60
The bearish correction in crude oil prices could not reach the $55.80 support level. Currently, crude oil traded near $57.60 and keep pressuring the resistance. Without any major bearish rejection from the resistance then crude oil expected to breakout higher and target $60.00.
Today critical level to watch:
Support: $55.80, $54.50, $52.40