Gold rejected from $2,000

Gold prices were rejected from the $2,000 handle and fell with strong momentum. The price closed below $1,950 and might continue lower to target $1,780 – $1,800. However, gold prices currently moving upward and testing $1,950. We expect further limited bearish correction as the Fed signalled uncertainty on U.S economic recovery yesterday.

The trend of gold will continue bullish after the current bearish correction.

Today critical levels to watch:

Support: $1,900, $1,800

Resistance: $1,950, $2,000, $2,050

Silver retesting $25.00 – $26.00?

Silver prices corrected lower yesterday and might target $25.00 – $26.00 area. If the price manages to reach the area then traders could consider entering long positions on bullish reaction. The stop level could be placed below the previous week’s low.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00

Crude oil continues sideway

Not much movement in crude oil prices yet, the price stalled and continue its sideways movement. Traders will continue waiting for next momentum movement. It could either move toward $45.00 or $38.50 – $40.00 area. Long positions could be maintained as long as the price stay above $38.50.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00