Gold more bearish pressure

At the end of the previous week, gold settled between $1,480 – $1,500. The precious metal bullish attempt after ECB interest-rate announcement resulted in a failed breakout above $1,500. It is currently ready to test $1,480 support level and might breakout below it.

However, traders might want to wait for the release of FOMC interest-rate decision this week. It might change the overall course of gold for the long-term.

Today critical levels to watch:

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

Resistance: $1,500, $1,550

Silver breakout below $17.73

Silver closed lower at the end of the previous week and suggesting further weakness this week. The price close below $17.73 and currently targetting $17.00 and $16.80 support levels. Traders might want to wait until the price hit the support levels to enter long positions. Wait until bullish reactions formed near the support levels.

Today Critical levels to watch:

Support: $17.00, $16.80

Resistance: $17.73, $18.00, $18.50

Crude oil maintained the level above $54.50

Although crude oil trend back to bearish after the close inside the bearish channel, it manages to hold out against bearish pressure last week. The price close above $54.50 indicates the floor might provide support until the next direction settled. If crude oil could maintain the close above $54.50 by the end of this week then we could expect crude oil to reverse its direction to the upside.

Today critical level to watch:

Support: $54.50

Resistance: $55.80, $57.60