Gold continue consolidation between $1,480 – $1,500

The price of gold stays inside $1,480 – $1,500 range and expected to continue its consolidation for now. Traders will observe the price reaction near the top of the channel to get a clue on gold next direction. A strong rejection from the top of the channel will start a new bearish leg.

Today critical levels to watch:

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

Resistance: $1,500, $1,550

Silver bearish pin bar pattern after $17.73 test

The upward movement of silver immediately received rejection and closed near its opening level. Silver might breakout above the trendline resistance but it still needs further confirmation for upward movement. We expect the price to continue its consolidation inside $17.50 – $17.73 range for now.

Today Critical levels to watch:

Support: $17.50, $17.00, $16.80

Resistance: $17.73

Crude oil bearish rejection from $54.50

Crude oil recovers some of its losses before the price could reach $52.40. It might continue the bearish trend inside the channel. Meanwhile, crude oil is traded inside $52.40 – $54.50 range. Traders could look for short positions whenever crude oil testing the resistance.

Today critical level to watch:

Support: $52.40

Resistance: $54.50, $55.80, $57.60