Gold ready to target SMA 200?

The price of gold closed below the $1,850 support level last week. The precious metal seems will continue its bearish movement and target the daily SMA 200 also $1,780 – $1,800 area. As long as there is no lower low printed then traders could assume gold could bounce from $1,780 – $1,800.

However, if the price could print lower low and close below $1,780 then traders will prepare for bearish pressure toward $1,500 in the long-term.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver sideways inside the triangle pattern

Silver has returned inside the triangle pattern and continue moving inside it. No breakout which means the consolidation will continue. Traders will continue waiting for an actual breakout before placing major positions. On the upside, $25.00 – $26.00 is the resistance area to watch. On the lower side, there is $21.35 and $20.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil waiting for a trigger to move higher

Crude oil prices extended its bullish close last week. The price is expected to continue its bullish movement and target the $49.00 – $50.00 area. At the current time, the price is moving higher and tested the Thursday – Friday high. We expect the price to continue its upward movement until the closing of the year.

Today critical level to watch:

Support: $45.00, $40.00, $38.50

Resistance: $49.00, $50.00