Gold halts bearish pressure

Gold prices extended the bearish close yesterday and got near the $1,585 – $1,600 area. Despite the situation, there is no bearish continuation in today’s trading session. The price slightly trading upward but inside the previous day’s range. Traders will continue to hold short positions and monitor the price reactions. We might see a bearish continuation toward $1,585 – $1,600 after the current bullish movement lost momentum.

Today’s critical levels to watch:

Support: $1,600, $1,585

Resistance: $1,680, $1,700, $1,780, $1,800

Silver closed below $18.50

Silver prices made a close below the $18.50 handle yesterday. It is an initial bearish sign and traders must monitor the reaction near $18.50 for now. If the price could bounce with strong bullish momentum then there is a chance of a bullish reversal. However, if the price close below $18.50 again then we will expect a bearish continuation toward the $17.50 – $17.73 area.

Today’s Critical levels to watch:

Support: $18.50, $17.73, $17.50, $16.00

Resistance: $20.00, $21.35

Crude oil closed below $77.13

The bearish situation of crude oil prices continue yesterday and the price closed below $77.13. There is no bearish continuation today as the price traded upward. If the price could bounce with strong bullish momentum then there is a chance of a bullish reversal with $85.00 as an upward target.

Today’s critical level to watch:

Support: $80.00, $77.13

Resistance: $85.00, $90.00, $95.25