Gold maintain position above $1,780 – $1,800

Gold prices managed to close the year above the $1,780 – $1,800 area and might continue the upward movement to target the $1,850 resistance level. However, if the price reverses the bullish pressure and starts moving lower again then a close below $1,780 or the daily SMA 200 will become a bearish confirmation. Traders will avoid short positions until a close below $1,780 happen. At the current time, traders could use the $1,800 level as a place to enter long positions when retests happen.

Today’s critical levels to watch:

Support: $1,700, $1,680, $1,600, $1,585

Resistance: $1,780, $1,800

Silver stick near $23.90

Silver prices are on a bullish trend and managed to reach the $23.90 resistance level. There is no breakout above the level yet as the price stick near it. If the price could break out and close above the level then we will see continuation toward the $25.00 – $26.00 area. Traders will monitor closely the price reactions near $23.90. If a bearish rejection happens then traders will wait near the $23.00 level for a chance to enter long positions.

Today’s Critical levels to watch:

Support: $21.35, $20.00, $18.50, $17.73

Resistance: $23.00, $23.90

Crude oil stay above $77.13

Crude oil prices have not escaped the bearish trend yet as there is no higher high printed on the chart. The price managed to maintain its position above the $77.13 level and currently attempting to extend the upward movement. If the price could continue moving upward and print a new higher high then the trend will change from bearish to bullish. Meanwhile, traders will continue using the $77.13 support level as the place to enter long positions. If the price close below $77.13 and continues the downward movement below $70.00 then the bearish trend will continue.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00, $95.25