Gold consolidation between $1,800 – $1,850

Gold experienced bearish pressure yesterday and printed a new lower low. However, there is no lower close below the previous week’s low. The precious metal currently moving upward but limited inside the previous day range. We still expect the price will continue its bearish movement toward the SMA 200 and $1,780 – $1,800 area.

However, if the price could close above $1,850 again and print a higher swing high then it is time to switch to the bullish side again.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver not leaving the triangle pattern yet

The ranging situation of silver prices expected to continue as there is no breakout from the triangle pattern yet. The silver price will continue its consolidation and waiting for a breakout. On the upside, $25.00 – $26.00 is the resistance area to watch when a bullish breakout happens. On the lower side, $21.35 and $20.00 is the bearish target.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil bullish close

Crude oil price is expected to continue its bullish movement toward the $49.00 and $50.00 resistance levels. There is no change to the outlook yet. Traders are waiting for further bullish momentum to breakout above the previous week’s high. If a bearish correction happens then traders could use $45.00 as a support level to add more long positions.

Today critical level to watch:

Support: $45.00, $40.00, $38.50

Resistance: $49.00, $50.00