Gold continues further lower below $1,500

The test on $1,500 support finally produces a breakout below the support level. Gold fell to as low as $1,486.07 before making recovery. At the current time, gold traded near its opening level. It might close above $1,500 and cancel current breakout. If gold close above $1,500 then it might start moving upward and target $1,550.

However, we think the bear will try to clear weak bull hand below $1,480 before continue further upside.

Today critical levels to watch:

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

Resistance: $1,500, $1,550

Silver bounce from the level near $17.73

Silver continue its downward movement and reach a level near $17.73 before turn higher. Currently, the price has move above its opening level and trying to close the day bullish. Similar to the previous day analysis, silver expected to trade between $17.73 – $18.50 until next trend settled.

Today Critical levels to watch:

Support: $18.00, $17.73

Resistance: $18.50, $20.00

Crude oil further bullish pressure

Yesterday, crude oil breakout above the top of channel and close above $57.60. The price continue its bullish movement today and look will reach $59.50 – $60.00 resistance in the next upward attempt. Traders could use $57.60 as reference level to take long positions when the price move lower.

Today critical level to watch:

Support: $57.60, $55.80

Resistance: $59.50 – $60.00