Gold breaking above $4,250

Gold extends its bullish tone today, climbing higher and trading above the $4,250 resistance level. It seems the bullish trend will continue, and gold prices will target a new record high. However, the day has not closed yet and a close back below $4,250 will cancel the bullish view. Traders could use the $4,250 level when bearish pullback happen to add long positions.

Today’s critical levels to watch:

Support: $4,200, $4,000, $3,835

Resistance: $4,250

Silver extends strong rally and prints another higher high

Silver continues its bullish momentum today, rallying further and printing a fresh higher high above the previous levels. There is no change to the bullish situation, the bulls are still in control. If silver pulls back, the nearest support is now around $59.40–$60.00, which may act as a retest zone before the next leg higher. On the upside, silver prices is not far from the 161.8% Fibonacci Extension level, which might be reached soon.

Today’s critical levels to watch:

Support: $60.00, $59.40, $55.00, $50.00

Resistance: $65.00

Crude oil remains bearish and continues moving toward lower support

Crude oil is under bearish pressure again today as price continues to drift lower within the established bearish structure. The price make attempt to breakout below the $57.60 level, but it pulls back above the level for now. If the decline continues, then we might see a breakout below $57.60 this week. A break below it may open the path to $55.80 and the $54.50 – $55.00 zone. Only a daily close back above $60.00 would ease the bearish pressure, but for now momentum still favors sellers.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13