Gold resumes bullish movement

Gold prices bounced from the green box area and attempted to continue the upward movement to print new record highs. The trend is bullish and no change to the scenario. Traders who have long positions will continue to hold the positions while expecting another bearish correction toward the green box area for a chance to add more long positions.

Today’s critical levels to watch:

Support: $2,500, $2,400, $2,143

Resistance: $2,530, $2,611

Silver resumes bullish movement

Silver prices bounced from the $29.00 support level with strong bullish momentum. The price printed a new higher high and is set to target $30.00 and $31.50 resistance levels. However, if the price turned lower and closed below $29.00 then the trend might turn bearish again. On the upside, the price needs to close above $31.50 and print a new higher swing high to confirm the continuation of the bullish trend.

Today’s Critical levels to watch:

Support: $29.00, $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50, $35.25

Crude oil return to $77.13

There was no lower swing low printed on the daily chart and crude oil prices turned higher. The price managed to reach the $77.13 resistance level and will test it now. If the price could extend the bullish movement and close above $80.00 then it will confirm the breakout of the double bottom pattern. Failure to print a new higher swing high could bring the price down to target $70.00 again.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00