Gold new record high

Gold prices have resumed their strengthening and there is no reason for a bearish reversal at this time. With the inflation situation still high and the possibility that the Fed will reduce interest rates, gold prices continue to move bullish. Traders can only wait for a bearish correction in the gold price to the support point for the opportunity to enter a long position. As long as the price can continue to form higher swing high and higher swing low points, the bullish trend will continue.

Today’s critical levels to watch:

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

Resistance:

Silver testing $25.00 – $26.00 area

Bullish pressure is underway on silver prices currently but the price is blocked by the $25.00 – $26.00 area. There has been no breakout or close above this area so the bullish trend has not continued. However, traders will just wait for a bullish breakout to happen while holding long positions. If a deeper bearish correction occurs to the $23.00 – $24.00 area then traders can use this opportunity to add to long positions.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil continue bullish trend

The increase in crude oil prices has formed a higher swing high point so that the bullish trend will continue. A bearish move requires a close below the $80.00 point to reverse the direction of the current bullish trend. Traders will wait for the next bearish correction for opportunities to add to long positions. The next upside target is near the $90.00 mark.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $85.00, $90.00