Gold resumes bullish movement

Gold prices are trending upward today as U.S. inflation data show an encouraging number. The inflation moved upward as expected but the core inflation number turned lower. It seems traders are betting that the Fed will loosen their policy more this year. No change to the gold prices bullish trend, traders who have entered long positions in the latest bearish correction will continue to hold the positions with the expectation of a new higher swing high.

Today’s critical levels to watch:

Support: $2,600, $2,550, $2,530

Resistance: $2,685, $2,750, $2,800, $2,841

Silver climbs above $29.00 – $30.00

Silver prices gaining more bullish momentum and leaving the $29.00 – $30.00 area again today. The price currently attempting to print a new higher high to extend the bullish movement to a target of $31.50. A new higher swing high above $32.285 is needed to confirm the continuation of the long-term bullish trend. On the lower side, a new lower swing low will confirm the continuation of a bearish trend.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil bounced from $77.13

As mentioned before, a retest on the $77.13 level is a chance for traders to enter long positions. Crude oil prices bounced from the $77.13 level today and have printed a new higher high. The price will continue the bullish movement and traders will continue to hold long positions with a stop below $77.13 now.

Today’s critical level to watch:

Support: $77.13, $70.00, $67.20, $65.00

Resistance: $80.00, $83.85