Gold continues consolidation

Gold prices have mostly traded sideways since the middle of March. The price is trapped inside the $1,900 – $1,950 range without a major breakout. Traders will continue waiting for the price to move and close outside of the range to get confirmation on the next direction. Meanwhile, it is better to stay sideline or apply a range trading strategy with a bullish bias.

Today critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,953, $2,000, $2,074.69

Silver trading lower below $25.00

Silver prices build bullish pressure to test the $25.00 handle. However, the test on the level resulted in a bearish reaction. At the current time, the price is trading below the opening level and might continue lower to retest the yellow box area. Traders could continue to use the yellow box area as the place to enter long positions when there is a bullish reaction.

Today’s Critical levels to watch:

Support: $23.90, $23.00

Resistance: $25.00, $26.00, $27.50

Crude oil bounce from the bottom trendline

Crude oil prices will continue the ranging movement inside the triangle area as the price made a bounce from the bottom of the triangle. At the current time, the consolidation is expected to continue and traders will wait for a breakout from the range. We still think a bullish breakout will happen and crude oil continue the upward movement to target the level above $130.00.

Today’s critical level to watch:

Support: $100.00, $90.00

Resistance: $106.00, $130.00