Gold return above daily SMA 200

The price of gold managed to move up and made a close above the daily SMA 200 yesterday. This bullish closing is a confirmation of the start of a bullish movement. Currently, the price is seen trying to move up towards the $1.953 point. As long as the price can stay above the daily SMA 200 until the end of the week then a bullish trend can start. Conversely, if the price reverses sharply downwards and closes below its daily SMA 200 by the end of the week then the bearish move could resume.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver closed above $23.90

The bullish train has been running with the price of silver moving sharply from $23.00 to above $23.90 in an instant. This bullish movement has strong momentum so it is expected to continue towards the $25.00 – $26.00 area. A close above $26.00 would be long-term bullish confirmation.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil bullish continuation?

The decline in the price of crude oil almost reached $77.13. However, the price has reversed now and is likely to head above the $80.00 point. Despite the situation, if the price continues to move lower then traders will still be waiting near $77.13 for a bullish reaction. A bounce from that point will be an opportunity for traders to enter long positions.

Today’s critical level to watch:

Support: $77.13, $70.00, $65.00

Resistance: $80.00, $85.00