Gold close below $1,850 and SMA 200

The price of gold experience bearish pressure and closed below $1,850 also daily SMA 200. It could mean the initial sign of further weakness toward the $1,780 – $1,800 area. At the current time, the precious metal is waiting for confirmation. If the price could return above SMA 200 then gold will continue the consolidation near $1,850 and SMA 200.

Meanwhile, a close below the previous day’s low will trigger further weakness toward $1,780 – $1,800.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,950, $2,000

Silver return to the level near $26.00

A buying frenzy caused by retail traders switched from the stock market to the commodity market. Silver prices pushed upward on Monday trading session. However, the bullish pressure short-lived and the price made a bearish close below Monday’s low yesterday. It seems the price back on its track to trade near the $25.00 – $26.00 area.

At the current time, traders will continue to monitor the price reaction from the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $30.00, $31.50

Crude oil closed above $54.50

Crude oil reached the $54.50 – $55.00 area yesterday. The price has ample bullish momentum and might extend its bullish movement in the coming trading days. At the current time, traders will avoid short positions at least until the price makes a major bearish close on the daily chart.

Today critical level to watch:

Support: $54.50, $52.40

Resistance: $55.00, $55.80