Gold moving toward target

Gold prices extended the bullish movement again today for the third days. It is not far from the $3,250 target level now. If there is no change to the situation, then it will reach the target soon. However, if the price turn lower, then it will retest previous swing high at $3,167 level before continuing the bullish movement. We might be nearing the end of the bullish trend, especially when we see overshoot in the price movement. Nevertheless, it is not the time to take short positions yet.

Today’s critical levels to watch:

Support: $3,000, $2,981, $2,900, $2,800

Resistance: $3,100, $3,150, $3,200, $3,250

Silver testing $31.50

The bullish movement of silver prices has reached the $31.50 resistance level. The price might stall and keep testing the level for now. If another bearish reactions happen, then traders could wait near the $29.00 – $30.00 area for bullish reactions. We expect the price to form a double bottom pattern if the area retested. However, if the price immediately breakout above $31.50 then it will continue the bullish movement toward $35.25.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $33.00, $35.25

Crude oil supported by $60.00

Crude oil price’s bullish engulfing pattern still valid but no breakout yet above the pattern high. The price is currently consolidating inside the pattern range and will wait for further confirmation. If the price could climb above the pattern high, then traders could expect bullish continuation toward $65.00.

Today’s critical level to watch:

Support: $60.00

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