Gold looking for direction

Gold price experienced a lot of volatilities yesterday. The price moved upward surpassed the $1,900 resistance level but immediately reversed and tested the level near $1,850. At the end of the day, gold prices settled near its opening level. Fundamentally, fear spread once again after the discovery of the new coronavirus strain in the UK.

It seems gold prices will continue moving between $1,850 – $1,900 for now.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $2,000

Silver breakout above $26.00?

Silver experienced big volatility too as gold yesterday. The price closed above $26.00 at the end of the day. We might have a breakout but not a convincing one. However, the medium-long-term trend of silver prices is bullish which means traders will continue to hold long positions for now. As long as there is no close below $25.00 then traders will avoid short positions.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00

Crude oil rejected from $49.00

We have a bearish rejection from the $49.00 resistance level which is normal after the rally from $45.00 to $49.00. If the bearish correction continues then crude oil prices might fall from $49.00 toward $45.00 and traders could use the moment to enter long positions.

Meanwhile, we expect crude oil prices to settled the year near the $49.00 – $50.00 area.

Today critical level to watch:

Support: $45.00, $40.00, $38.50

Resistance: $49.00, $50.00