Gold looking to bounce from $1,780 – $1,800

The bearish pressure on gold prices managed to push the price down to reach the $1,780 – $1,800 area. At the end of the previous week, the price stage a bounce from the area and closed the week above it. This week, traders will observe the price movement near the $1,780 – $1,800 area. If the price could add more bullish gain then traders will expect upward movement toward $1,850 and daily SMA 200.

Today critical levels to watch:

Support: $1,800, $1,780

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

Silver bounced from $26.00

Silver prices were corrected lower after the frenzy buying by retail traders. The bullish pressure recedes and currently, the price has returned to the $25.00 – $26.00 area. We expect the price to continue its long-term bullish movement and target $30.00, $31.50 area.

Traders could use the $25.00 – $26.00 area as the place to look for long positions.

Today Critical levels to watch:

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

Resistance: $27.00, $30.00, $31.50

Crude oil unstoppable

The bullish movement of crude oil is unstoppable as the price entered the sixth bullish days. Without any major bearish reaction from the $57.60 resistance level then traders will expect continuation toward $60.00. At the current time, trades could continue to hold long positions or scale out of positions while waiting for a bearish correction.

Today critical level to watch:

Support: $54.50, $52.40

Resistance: $55.00, $55.80