Gold closed near $1,550 resistance

The upward movement of gold brought the price to close near $1,550 resistance. The precious metal might continue upward but at the current time, the price drifted lower from the resistance. Traders who want to enter long positions might want to wait until gold make further pullback lower. On the other hand, short positions need a major bearish pattern formed from $1,550 resistance.

Today critical levels to watch:

Support: $1,500, $1,480, $1,450, $1,430

Resistance: $1,550

Silver breakout above $18.50

The pressure on $18.50 finally yielded a result for the silver bull. Yesterday, the price launched above $18.50 and settle at $19.22. There is bullish follow-through today but the price loses upward momentum at the current time. We think in the medium-term silver will reach $20.00 resistance. Traders could use $18.50 as a level to enter long positions.

Today Critical levels to watch:

Support: $18.50, $18.00, $17.73

Resistance: $20.00

Crude oil holding out above $54.50

A breakout below $54.50 happened yesterday and brought crude oil prices lower to test the bottom of the channel. At the end of the day, crude oil settles below $54.50 and might make another attempt toward the bottom of the channel and $52.40. Currently, the price is testing $54.50 resistance looking to return to its bullish track.

The overall trend of crude oil is bearish inside the channel which suggests traders prefer short positions to long positions.

Today critical level to watch:

Support: $54.50

Resistance: $55.00, $55.80, $57.60