Gold progress inside the channel

Gold closed higher in the previous trading day and show a bounce from the horizontal line. The bounce closed near the top of the channel and currently testing it for a breakout. No conclusion yet on the next direction. At the current time, traders will continue waiting for a further clues.

Today critical levels to watch:

Support: $1,450, $1,430

Resistance: $1,480, $1,500, $1,550

Silver bullish engulfing pattern

Silver jumped from $16.80 and closed above $17.00, the price also closed as a bullish engulfing pattern. There is a chance the price will continue moving upward. Traders could use $17.00 as the level to take long positions with $17.50 – $17.73 as a target.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil extend the bullish movement

The bullish pin bar pattern confirmed yesterday after crude oil closed above the candlestick high. Crude oil continues its upward movement today and might target $59.50 – $60.00 area. Traders might want to wait for a bearish correction before entering long positions.

Today critical level to watch:

Support: $57.60, $55.80, $54.50

Resistance: $59.50, $60.00