Gold waiting for a breakout

The movement of gold prices today experienced quite strong buying and selling pressure on both sides. This was triggered by the announcement of US non-farm employment data. Even though it is moving with high volatility, there has been no movement out of the triangle pattern. Traders will still wait for a close outside the triangle pattern to confirm the direction of the next movement. If the price is still moving down then the $2,000 point is a good place to add to a long position.

Today’s critical levels to watch:

Support: $2,000, $1,950, $1,900, $1,850, $1,800

Resistance: $2,069, $2,074

Silver maintains its position near $23.00

The price has made a close below the trendline but can broadly hold near the $23.00 mark. A bounce occurs and is likely to bring the price to move up to consolidate between $23.00 – $23.90. If the price can move up and then form a higher swing high point then the bullish trend can continue immediately.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil move toward top of triangle

Crude oil prices experienced another increase today and immediately tested the top of the triangle pattern. As written previously, traders will wait for a close outside the pattern to confirm the continuation of the next movement. Long positions are still recommended, especially with the weakening U.S. dollar index and the opportunity for a bull market this year.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $85.00, $90.00