Gold closed near $1,800

The bullish pressure at the end of the previous year was nullified by yesterday’s drop in gold prices. Gold prices closed lower near the $1,800 level and the daily SMA 200. No bearish confirmation yet as the price managed to maintain the support level. If the price could bounce from the support levels then traders will expect a bullish continuation toward $1,850.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,953, $2,000

Silver closed below the yellow box area

The bullish close inside the yellow box area did not last long. Silver prices closed lower yesterday and below the box area. No conclusion yet on the price next direction. If the price could breakout and close above the yellow box area then traders will expect continuation toward the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil hovering near $77.13

No breakout yet from the $77.13 resistance level. Crude oil prices experienced bearish pressure but at the end of the day, the price managed to maintain the level near the resistance level. We are waiting for a breakout and close above $77.13 to confirm a long-term bullish continuation. However, if a bearish reversal happens then $70.00 is the nearest support level to watch.

Today critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $71.22, $77.13