Gold target new record

The bullish trend of gold pries has not ended yet, but it might be near for a bearish correction. When the bearish correction happens in gold prices, then it might be the time for global market to rally. At the current time, the price could continue moving upward, and it is better to stay sideline of traders does not have long positions. On the lower side, the $4,000 is the key support level.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver retesting $50.00?

Silver prices made a bearish close yesterday and printed a bearish engulfing pattern. It is a bearish pattern which might lead to continuation. However, more evidence needed to confirm that the current bullish movement has lost its power. On the lower side, as long as the price could maintain the position above $50.00, then it is too early to say that the bullish trend has ended.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil trade near $57.60

Crude oil prices on the path lower to test the $54.50 – $55.00 area. At the current time, the price stick near the $57.60 level and might continue to consolidate  near it. In the end, we think the price will test the $54.50 – $55.00 area and determine the next direction. If strong bearish breakout happen, then it will confirm the bearish continuation. On the upside, $60.00 is the nearest resistance level to watch.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13