Gold testing daily SMA 200

The decline in the price of gold has reached its target at the daily SMA 200 and a bullish reaction is expected. If the gold price can bounce up sharply then a bullish trend can begin. However, if the price continues to decline, closes below the daily SMA 200, and forms a lower swing low point then the bearish trend will continue. For now, traders can start entering long positions assuming the bullish trend will continue.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver bearish continuation?

The decline occurred in the silver price yesterday which could confirm further weakness towards the $21.35 point. Even though it is bearish, the silver price was able to recover in yesterday’s trading. If the price can rise sharply and close above $23.00 then the direction of movement could turn bullish in the medium term.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil bearish correction?

Crude oil prices move up slowly while alternating with bearish corrections. There hasn’t been a significant bearish correction since the rise above $77.13. If the price starts a bearish correction phase then traders can use the opportunity to enter long positions.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00, $65.00

Resistance: $85.00