Gold triangle consolidation

Gold prices managed to climb above $1,600 but it seems losing the upward momentum. At the current time, the price is trading near the top of the triangle shown on the chart. If gold prices could continue to print further bullish candlestick then traders will expect a further bullish continuation in the price.

We think the long-term trend continues bullish. However, will prepare for reversal if gold prices close below $1,585.

Today critical levels to watch:

Support: $1,600, $1,585, $1,550

Resistance: $1,680, $1,700

Silver continue consolidation inside $14.00 – $14.40

Silver extends its sideway movement inside the $14.00 – $14.40 after no breakout happened last week. The price expected to consolidate inside the $14.00 – $14.40 range this week. Traders might want to wait for a breakout before placing positions.

Today Critical levels to watch:

Support: $14.00, $13.00

Resistance: $14.40, $15.00

Crude oil stage bullish rally

The $20.00 support level in crude oil proven itself as a major support level. Crude oil prices rallied from the support level and closed near $28.74 at the end of the week. This week, the price opens lower as OPEC delayed its meeting to discuss production cut. When the production cut takes place again, we might see crude oil continue its upward movement.

Today critical level to watch:

Support: $25.00, $20.00

Resistance: $28.74, $30.00