Gold limited below $1,850

Gold prices attempted to close above $1,850 yesterday. The price was rejected and closed inside the Wednesday range. There is a bearish continuation today but no breakout below the previous day’s low yet. If the bearish pressure gaining more ground then gold is expected to test the daily SMA 200 and $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $2,000

Silver more triangle consolidation

Silver prices contained inside the triangle pattern and expected to continue its ranging movement. Today is the last day of the week. It seems the price will settle inside the triangle pattern and waiting for a breakout next week. Traders will wait for the actual breakout before placing major positions.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil extended bullish movement

Crude oil prices extended its upward movement and made strong bullish close yesterday. The price is set to continue its bullish movement toward the $49.00 and $50.00 resistance level. Today, the price slightly lower but maintain the level near its opening level. It is better to continue to avoid short positions for now.

Today critical level to watch:

Support: $45.00, $40.00, $38.50

Resistance: $49.00, $50.00