Gold upward movement toward $1,850

Gold prices managed to reach the $1,850 resistance level today after strong upward momentum. If the price starts a bearish correction from the current level then it will target the $1,780 – $1,800 area. Traders could prepare to enter long positions near the area when a retest and bullish reactions happen. On the other hand, if the price closes below $1,780 or daily SMA 200 then the bearish movement might gain more traction.

Today’s critical levels to watch:

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

Resistance: $1,780, $1,800

Silver further upward movement above $23.90

Silver prices jumped with strong bullish momentum today above the $23.90 level. The price will target the $25.00 – $26.00 area next and traders better avoid taking short positions at least until the price shows major bearish reactions. On the lower side, if the price makes a correction toward $23.90 or $23.00 then traders could use the levels to enter long positions on bullish reactions.

Today’s Critical levels to watch:

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

Resistance: $23.00, $23.90

Crude oil under bearish pressure

Crude oil prices are back under bearish pressure after they lost bullish momentum. The price might continue lower to retest the $77.13 level. If the price continues moving lower below it then traders could expect downward movement to target a new lower low below the $70.00 handle. As long as there is no higher high printed on the chart, there is no reason for traders to turn bullish yet.

Today’s critical level to watch:

Support: $77.13, $70.00

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