Gold no breakout from $1,780 – $1,800

The upward movement of gold prices tested the daily SMA 200 but resulted in a bearish close yesterday. The price got rejected but maintained the position inside the $1,780 – $1,800 area. We might see the price continue its consolidation movement inside $1,780 – $1,800 for now. Traders will wait for a breakout and close outside of the area with strong momentum to determine the next long-term direction.

Today critical levels to watch:

Support: $1,780

Resistance: $1,800, $1,850, $1,953, $2,000

Silver more sideway movement

Silver prices seem to continue its consolidation movement for now. The price was mostly sideways for 1 week without a bearish continuation toward $21.35. Traders will continue waiting for a further reaction for now. If the price could close above the yellow box area then the bullish trend is set to continue. If the price continues lower then $21.35 is the final support level to watch for a possible bullish reversal.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil climb above $70.00

Crude oil staged a bullish reversal and finally closed above $70.00. The price extended its upward movement above the $70.00 level yesterday. If the bullish pressure is maintained then we might see continuation toward the next resistance level at $77.13. At the current time, if the price moves lower toward $70.00 then traders could add long positions on bullish reactions.

Today critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $71.22, $77.13