Gold more pressure near $1,400

The price of gold managed to close the day on the bullish side yesterday. However, it might be a temporary reaction only. Gold could continue its bearish trend below $1,480 and the top of the channel if a close below both levels happens. At the current time, traders will monitor the price reaction toward both levels.

Today critical levels to watch:

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

Resistance: $1,500, $1,550

Silver bullish pin bar at $17.50

A bullish pin bar pattern formed yesterday near the $17.50 support level. Silver might bounce from the support level and test $17.73. However, we think the bullish reaction only temporary and silver will continue its bearish trend. At the end of the week, we expect silver to close below $17.50 and continue its bearish trend toward $17.00 – $17.40 area.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil bearish reaction from $57.60

Crude oil tested $57.60 resistance yesterday. The test resulted in a bearish reaction. It is a temporary reaction and crude oil might disregard the bearish reaction. We could expect another test on $57.60 and a possible breakout toward $60.00.

Today critical level to watch:

Support: $55.80, $54.50, $52.40

Resistance: $57.60