Gold looking to confirm the double bottom pattern
The bounce from $1,680 – $1,700 gain more bullish pressure as the gold price closed higher yesterday. Gold prices will attempt to print higher high on the chart and continue its bullish trend toward $1,780 – $1,800. At the current time, traders who have long positions will continue to hold the positions with a stop below $1,680.
Today critical levels to watch:
Support: $1,700, $1,680, $1,550, $1,500
Resistance: $1,780, $1,800
Silver continue testing $25.00
Silver prices climbed and closed above the $25.00 handle. However, the bullish close is not a strong one and could reverse anytime. At the current time, traders will continue to monitor the price reaction at $25.00. If the price reversed and closed lower with strong bearish momentum then silver will resume its bearish trend.
Today Critical levels to watch:
Support: $21.35, $20.00
Resistance: $25.00, $26.00, $27.00, $30.00, $31.50
Crude oil continue trading near $60.00
No clear clue yet on the crude oil next direction. The price continues trading sideways near the $60.00 handle. The same strategies as before, traders will wait for a further reaction from the $60.00 handle before deciding to jump in positions. If the price continues lower then $54.50 – $55.80 is the area to watch for long positions.
Today critical level to watch:
Support: $60.00, $57.60, $55.80, $54.50
Resistance: $65.00, $67.20, $70.00