Gold trading below daily SMA 200

The price of gold has not completed its bearish correction even though it has reached the daily SMA 200 and the $1,900 point. The price is currently trying to move up and make a close above $1,900 as well as the daily SMA 200. If the price can make a close above both points then the bullish movement can start with $1,953 as an increase target. In the meantime, there is still a possibility of an immediate weakness towards $1,850 and traders can use the current opportunities to enter long positions.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver continues upward

A close above $23.00 is confirmation of a further bullish move in the silver price. The price seems to be moving up and going toward the $23.90 point. Consolidation between $23.00 – $23.90 is likely to take place and traders who have accumulated long positions will hold them. When prices can make a close above $23.90, that’s when the bullish run can get stronger.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil more bearish correction?

Crude oil prices gave a bullish reaction near $80.00 and saw further gains yesterday. However, at the end of trading day, the price of crude oil closed bearish below its opening point. Currently, the price is showing no indication of the next direction of movement. If prices continue to lose ground then $77.13 could be a downside target to watch.

Today’s critical level to watch:

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

Resistance: $85.00