Gold testing $1,780 – $1,800

The upward movement of gold prices reached the $1,780 – $1,800 resistance level to test it again. The upward movement was caused by Fed Jerome Powell’s commentary which confirm a smaller rate-hike after the December rate-hike. If the price could climb and close above the daily SMA 200 then gold prices might move in a new bullish trend.

Today’s critical levels to watch:

Support: $1,700, $1,680, $1,600, $1,585

Resistance: $1,780, $1,800

Silver moving toward $23.00 and $23.90

Silver prices experience major bullish pressure yesterday as the price bounced from $21.35. The price is expected to continue the upward movement to target the $23.00 and $23.90 resistance levels. Traders could observe the price reactions near both resistance levels. If there is major bearish reactions then traders could enter short positions.

Today’s Critical levels to watch:

Support: $21.35, $20.00, $18.50, $17.73

Resistance: $23.00, $23.90

Crude oil trading upward

Crude oil prices bounced from the $77.13 support level but no major bullish momentum yet. The price might continue the upward movement but traders will stay cautious about possible bearish reversal. If the price closes below $77.13 and prints another lower low then we might see a bearish continuation.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00, $95.25