Gold major bullish reversal

Rising inflation figures and still strong labor data have brought gold prices up. A bullish reversal is occurring in the gold price which closed near the daily SMA 200. If the price can continue its bullish movement with strong momentum above the daily SMA 200 then the direction of the trend can change to bullish.

Today’s critical levels to watch:

Support: $1,850, $1,800

Resistance: $1,900, $1,950, $2,000, $2,069, $2,074

Silver target $23.00 – $23.90

A fairly large increase occurred in last week’s trading so silver prices have now entered a bullish scenario. If the price can surpass the $23.00 – $23.90 area then the situation will become more bullish. The bearish trend is likely to end and traders should not plan to enter a short position unless a lower swing high is formed.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil return above $85.00

Crude oil prices trapped bear traders last week by briefly trading below $85.00 and immediately accompanied by a sharp increase that formed a higher weekly high. This bullish situation could develop further in this week’s trading with the $90.00 and $95.00 points as upside targets. The situation could become bearish when the price pushes down below $85.00 and forms a lower swing low.

Today’s critical level to watch:

Support: $85.00, $80.00

Resistance: $90.00, $95.00