Gold rejection from $1,950

Gold upward attempt was rejected at the $1,950 resistance level. The price closed lower yesterday and might trigger further weakness today. At the current time, gold prices trading inside a triangle pattern with a bullish bias. Traders will observe the price reaction inside the triangle.

We think the price will consolidate between $1,900 – $1,950 area.

Today critical levels to watch:

Support: $1,900, $1,800

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

Silver more consolidation above $25.00 – $26.00

Silver prices continue moving sideline above $25.00 – $26.00. The trend is bullish which means traders could consider entering long positions near the $25.00 – $26.00 area. However, if the price closes below $25.00 with strong bearish momentum then traders will prepare for a deeper correction toward $21.35.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00

Crude oil continues trading sideways

Similar to the previous day situation, crude oil is trading sideway and is expected to continue trading near the current level. As long as the price stay above $38.50, the trend will continue bullish. No suggestion at the current time, traders will wait for momentum movement before deciding the next trend.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00