Gold closed below $1,780

The month has changed and gold prices made bearish close below SMA 200 also $1,780. The price started the month with a bullish reaction and currently trading inside the $1,780 – $1,800 area. We might see a bullish correction started at gold prices with $1,850 as the maximum target.

Traders could enter long positions with a stop below the previous week’s low. However, we suggest traders continue to hold short positions as long as the price stay below $1,800.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800

Silver printed a bullish pin bar pattern

Silver prices made a breakout below the triangle pattern. Yesterday, there is a bearish continuation, however, the price closed near its opening level at the end of the day. Silver prices currently moving upward above the previous day high and set to retest the bottom of the triangle.

Traders will observe the price reaction near the bottom of the triangle. If bearish rejection happens then traders could continue to hold short positions or add more positions.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil stall near $45.00

We expect the bullish trend in crude oil prices to continue. At the current time, the price is hovering near $45.00 and waiting for further bullish pressure. If the bullish movement resumes then crude oil prices are expected to target $49.00 and $50.00.

Traders who have long positions could place stop orders below $45.00 or the previous week’s low.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $45.00, $49.00, $50.00