Gold closed near $1,480 support level
Gold continues under pressure yesterday after the price closed lower near $1,480 support level. Initially, the price fall but made recovery back near its opening level but at the end of the day, it settled lower. We have a bullish reaction from $1,480 today but it is too early to say a bounce has happened.
At the current time, gold might trade between $1,480 – $1,500 until next direction settled. As long as there is no close below $1,480, gold will continue its long-term bullish trend. A close below $1,480 will trigger further bearish correction toward $1,430 – $1,450.
Today critical levels to watch:
Support: $1,480, $1,450, $1,430
Resistance: $1,500, $1,550
Silver aiming $18.50 resistance
Silver produced a doji candlestick pattern yesterday after the test of $17.73 support level. It is a neutral pattern and we have initial bullish confirmation above the candlestick high. If silver could close the day above previous day high then we could expect it will target $18.50. Meanwhile, the precious metal might trade between $17.73 – $18.50.
Today Critical levels to watch:
Support: $18.00, $17.73
Resistance: $18.50, $20.00
Crude oil bearish close near $57.60
Crude oil managed to print higher highs on the daily chart but it could not close higher. Yesterday, the price closed at $57.84, not far from $57.60. Fortunately, no close below $57.60 means the price has a chance to continue higher. Currently, the price is testing $57.60 support level and looking for a bounce.
Today critical level to watch:
Support: $57.60, $55.80
Resistance: $59.50 – $60.00