Gold trading sideways

Gold prices hanging near the record high and there is no major bearish sign yet. The price might continue trading sideways near the current level and traders will continue waiting for further confirmation. If the pair trade lower and test the green box area then traders will monitor the reactions. When there are bullish reactions, traders could add more long positions.

Today’s critical levels to watch:

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

Resistance: $2,530, $2,611

Silver stick near $29.00

Silver prices might be under bearish pressure but it maintained the positions near $29.00. The price might consolidate near the current level and traders will monitor the reactions. If the price could bounce upward with strong bullish pressure then it will continue the bullish trend to target $30.00 and $31.50. However, if a bearish breakout below $29.00 happens with strong momentum then we might see another bearish attempt to target $25.00 – $26.00

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 limited below $77.13

The bullish movement of crude oil prices once again gets rejected from the $77.13 resistance level. The price looks making a bullish attempt today but stays inside yesterday’s range. We might see more consolidation near the $77.13 resistance level and traders will continue waiting for reactions. If the price continue the bearish movement from the current level then it will target the $70.00 handle.

Today’s critical level to watch:

Support: $70.00

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