Gold new record high

Last week, gold prices climbed and printed a new record high. The candlestick close shows a strong bullish candlestick pattern which means there is a high chance of bullish continuation this week. If the price returns to the breakout level then traders could enter long positions with stops below the previous week’s low. Traders who already have long positions since the previous swing low will continue to hold the positions now.

Today’s critical levels to watch:

Support: $2,400, $2,143, $2,074, $2,069, $2,000

Resistance: $2,500, $2,530

Silver closed near $29.00

Silver prices erased all of the losses below $29.00 and made a close near the level. The price is expected to continue the bullish movement to target $30.00 & $31.50 next. We might see a little bit of consolidation near the $29.00 level but it might be temporary movement. Traders who have no long positions could try to enter positions above the previous swing low, expecting a strong bullish movement after the breakout.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil continues trading near $77.13

Crude oil prices experienced bearish pressure near $77.13 and made a bearish close last week. The price situation might be in a stalemate between the bull and the bear. Traders might want to stay sideline near the $77.13 or continue accumulating long positions while expecting bullish continuation. On the lower side, $70.00 could become the bearish target if the price starts falling with strong bearish momentum.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $83.85, $85.00, $90.00