Gold under bearish pressure

No bounce happened yesterday from $1,480 – $1,500 support area. Gold dives further below the support area and closed near the bottom of the channel shown on the chart. The price has more downside potential inside the channel. At the current time, gold will test the bottom of the channel for a possible bounce. In the medium-term, gold might reach $1,430 before any significant bounce.

Today critical levels to watch:

Support: $1,450, $1,430

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

Silver reached checkpoint at $16.80 – $17.00

Similar to the gold price movement, silver dived toward $16.80 – $17.00 support area and closed inside the area. No bounce reaction yet today, the price might consolidate inside the support area for now.

Today Critical levels to watch:

Support: $16.80, $16.50

Resistance: $17.00, $17.50, $17.73

Crude oil closed inside the bearish channel

Crude oil seems has returned to its bearish trend as it closed inside the bearish channel and below $54.50  support level. The price currently testing $54.50 level and looking to close above it. Traders could use the moment to take short positions near $54.50 and the top of the channel when there are bearish reactions.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.80, $57.60