Gold gain toward $1,950

The precious metal broke out above $1,900 yesterday with strong bullish momentum. Today, there is a bullish continuation toward $1,950. No breakout above $1,950 yet but traders could assume a breakout will happen soon. Gold price is expected to target $2,000 handle in the next upward movement.

Today critical levels to watch:

Support: $1,900, $1,850, $1,800, $1,780

Resistance: $1,950, $2,000

Silver further upside above $26.00

The uptrend seems to continue at the start of the year. Silver price distances itself from the $26.00 level and currently will test December high. If the price continues upward then $30.00 and $31.50 will become the bullish target. Traders who have long positions could continue to hold the position for now. Meanwhile, traders who are looking to enter long positions will need to wait for a pullback.

Today Critical levels to watch:

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

Resistance: $27.00, $30.00, $31.50

Crude oil rejection from $49.00 – $50.00

Crude oil got rejected from the $49.00 – $50.00 yesterday. However, the bearish rejection has no follow-through. The price of crude oil reverse its direction and move higher today. The price currently testing the $49.00 – $50.00 area. Will the price finally breakout and continue toward $52.40 next?

Today critical level to watch:

Support: $45.00, $40.00, $38.50

Resistance: $49.00, $50.00, $52.40