Gold is set for new record high

A major bullish close happened yesterday where gold prices closed with almost full bullish candlestick. The bullish close happened before the release of U.S inflation data which suggests traders betting on lower inflation numbers. Traders who already hold long positions will continue to hold the positions now. If the price starts a bearish correction then traders will use it as a chance to add more long positions. Despite the situation, traders will monitor the market reactions after the release of inflation data for further confirmation.

Today’s critical levels to watch:

Support: $2,400, $2,143, $2,074, $2,069, $2,000

Resistance: $2,500, $2,530

Silver moving upward

Silver prices continue building more bullish pressure and climb slowly. The price will target the $29.00 resistance level and attempt to break out above it. If the price could close above $29.00 then the bullish trend could continue to target $30.00 and $31.50. On the lower side, no touch on the $26.00 support level yet. If the price resumes the bearish movement then traders will continue to use $26.00 as a place to add more long positions.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil closes the gap

Crude oil prices burst upward and closed the bearish gap which was created near the end of July. The price also reached the $80.00 level and will attempt to close above it. It seems the trend has turned bullish once again and traders will hold long positions with a stop below $77.13. If the price turns lower to test the support level then traders will wait near $77.13 for bullish reactions and a chance to enter long positions.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00