Gold continues the bullish movement

There was a U.S CPI announcement yesterday which show an increase compared to the previous report. It seems the inflation number will continue to increase this year. However, core CPI shows a slower increase which might indicate a peaking of inflation. As long as inflation numbers continue to increase, gold prices will continue its bullish trend.

On the upside, gold prices are expected to target the $2,000 resistance level.

Today critical levels to watch:

Support: $1,900, $1,850

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

Silver climb toward $26.00

Silver prices made a close above the $25.00 handle and have not stopped its upward movement. If there is no change to the current upward movement then silver prices are set to test the $26.00 resistance level. If a bullish breakout above $26.00 happens then silver prices are set to target $27.50.

Today’s Critical levels to watch:

Support: $23.90, $23.00

Resistance: $25.00, $26.00, $27.50

Crude oil set to test trendline

Crude oil prices are trading upward after the previous day’s bounce. The price currently trades near the trendline and traders will observe the price reaction near the trendline. If a bullish breakout happens then crude oil prices will resume the bullish trend and retest the $106.00 handle.

Today’s critical level to watch:

Support: $90.00

Resistance: $100.00, $106.00, $130.00