Gold bullish continuation?

The price of gold has broken out from the triangle pattern but there is no bullish follow-through yet. The price might turn lower again to retest the broken trendline. Traders will observe the price reactions for now and use each bearish correction as chance to add long positions. We still think gold prices could continue its bullish trend to target a new record high this year.

Today’s critical levels to watch:

Support: $2,600, $2,550, $2,530

Resistance: $2,685, $2,750, $2,800, $2,841

Silver continues consolidation between $29.00 – $30.00

Silver prices pushed lower but manage to find support near the $29.00 – $30.00 area. The price is currently consolidating inside the area and will wait for a breakout. Traders will wait for a breakout to get confirmation on where the price will move next. If the price continue the bearish movement then $27.50 is the next support level to watch. On the upside, a close above $31.50 and a new higher swing high will confirm the continuation of the bullish trend.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil climbing toward $77.13

Crude oil prices breakout from the consolidation near the $70.00 level. The price printed a new higher high and is now on the path toward the $77.13 resistance level. If the price could breakout and close above the level then the bullish trend could continue. On the lower side, $70.00 will become a support level to watch for bullish reactions.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85