Gold may start new  bullish leg

Gold escaped from the bearish channel today after the previous day bullish close. The precious metal climb above $1,500 resistance and looks will extend the bullish movement. As long as the price close above $1,500 by the end of the week then traders could add more long positions near $1,500. On the other hand, if the price close inside $1,480 – $1,500 range by the end of the week then traders will prepare for further consolidation inside the range.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver further close above $17.73

No breakout and close below $17.73 which is a good sign for the silver bull. Today, the price bounced from $17.73 and move above the previous day high. Silver expected to continue its upward movement and target $18.50.

Today Critical levels to watch:

Support: $17.73, $17.50, $17.00

Resistance: $18.00, $18.50

Crude oil drifted lower toward $54.50

Crude oil under pressure for the fourth day. The price currently testing $54.50 support level. If a breakout happen then crude oil might continue its bearish trend inside the channel. At the current time, crude oil has not broken $54.50 – $55.80 range yet.

Today critical level to watch:

Support: $54.50, $52.40

Resistance: $55.80, $57.60, $59.50, $60.00