Gold more consolidation

The price of gold has not left its consolidation range and continues trading sideways. Traders will continue waiting for the price to either move toward $1,680 – $1,700 area or toward $1,780 – $1,800 area. We think the bullish correction could continue toward $1,780 – $1,800 and traders could enter short positions with a stop above $1,800.

Today critical levels to watch:

Support: $1,700, $1,680, $1,550, $1,500

Resistance: $1,780, $1,800

Silver ranging between $25.00 – $26.00

Silver price holding out near the $25.00 and maintain its consolidation range between $25.00 – $26.00. This week, traders will continue waiting for a further reaction from the $25.00 – $26.00 area. As long as there is no breakout and close outside of the range, traders could assume that the price will continue its consolidation.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $30.00, $31.50

Crude oil closed above $60.00

The downward movement of the crude oil stopped at the $57.60 – $60.00 area. Currently, the price is building more bullish pressure to bounce from the level. However, if the price breakout then it could continue moving lower toward the $54.50 – $55.80 area.

Traders could consider long positions at the current $57.60 – $60.00 area and the $54.50 – $55.80 area with a stop below $54.50.

Today critical level to watch:

Support: $60.00, $57.60, $55.80, $54.50

Resistance: $65.00, $67.20, $70.00