Gold testing $1,500 support level

Lowering tension between U.S and China on trade war resulted in weak gold price movement. The price continues to move lower and currently testing the $1,500 support level. No bullish reaction as of now and it seems gold will close near $1,500 today. We think there is a possibility the price will test $1,480 – $1,500 and produce fake breakout before continuing upside.

Traders will monitor the price reaction at the current level and look for long positions.

Today critical levels to watch:

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

Resistance: $1,550

Silver further weakness toward $17.73

The weakness also experienced by silver prices today. The precious metal continues moving lower in today trading session but recovered part of its losses. It might close near the opening level today. However, we think there is more room toward $17.73 and silver will move between $17.73 – $18.50 after the test.

Today Critical levels to watch:

Support: $18.00, $17.73

Resistance: $18.50, $20.00

Crude oil breakout above the top of the channel

A bullish breakout happened today in crude oil prices. The price climbs above the top of the channel and moves higher above $57.60 resistance. If crude oil could close above $57.60 then it might continue the upward correction toward $59.50 – $60.00.

Today critical level to watch:

Support: $57.60, $55.80

Resistance: $59.50 – $60.00