Gold bounced from $1,780 – $1,800 area

We have a bullish bounce and close above the daily SMA 200 also $1,800 handle yesterday. Gold prices continue moving upward today and will target the flip level at $1,850 next. The precious metal next trend will depend on the reaction from the flip level. If the price gets rejected from the resistance level then traders will expect a bearish continuation.

Today critical levels to watch:

Support: $1,800, $1,780, $1,700, $1,680

Resistance: $1,850, $1,900

Silver closed inside the triangle pattern

Silver confirmed the bullish pin bar pattern and closed back inside the triangle pattern. It means the price will continue its consolidation and attempt to make a bullish breakout. As long as the price stays below the $25.00 – $26.00 area, there is a chance for bearish continuation.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil bearish close below $45.00

No bullish continuation yet in crude oil prices. The price moved lower instead and might trigger further bearish pressure. At the current time, crude oil prices trading not far from the opening level. We think the bullish movement will continue as optimism continues building up on the coronavirus vaccine.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $45.00, $49.00, $50.00