Gold closed between $1,480 – $1,500

The bearish movement of gold managed to close the price inside $1,480 – $1,500 range. No bullish indication yet at the current level and gold might continue its bearish movement this week. Traders might want to avoid taking long positions at least until the price formed bullish reactions.

A close below $1,480 is bearish confirmation and traders might want to avoid long positions if it happens.

Today critical levels to watch:

Support: $1,480, $1,450

Resistance: $1,500, $1,550

Silver bearish confirmation

A bearish close outside of the triangle formation happened last week. Silver is under risk of further bearish movement this week. If the bearish pressure continues then silver might move lower to test $16.80 – $17.00 support level.

Today Critical levels to watch:

Support: $17.50, $17.00

Resistance: $17.73, $18.00, $18.50

Crude oil more bearish pressure

The price of crude oil extended its bearish close and lower low printed on the daily chart. Fortunately, the price manages to close above $55.80 at the end of the week which confirmed no breakout. This week, the price might make more attempt to move lower. As long as the price stay above $55.80 or the top of channel then traders could expect a bullish bounce will happen.

Today critical level to watch:

Support: $55.80

Resistance: $57.60, $60.00, $65.00