Gold triangle consolidation

Gold prices are trending bullishly but currently, consolidation is taking place inside a triangle pattern. The bearish correction may continue and traders will take advantage of the decline to enter long positions near the support point. At the bottom, a decline to reach the daily SMA 200 is still normal. This year, when the Fed announces rate cuts, it will be major bullish news for U.S. dollar counterparts such as gold.

Today’s critical levels to watch:

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

Resistance: $2,069, $2,074

Silver stick near $23.00

A bullish movement was experienced by silver prices yesterday which jumped above $23.00. However, this movement did not have a continuation in today’s trading. Silver prices fell and traded near the $23.00 mark. There is no lower swing low point so there is still a chance for a continuation of the increase in silver prices. If the price can rise and return above $23.90 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 testing top of triangle

A triangle pattern is also formed in the price of crude oil and the price is currently testing the top of the triangle pattern. A bearish rejection occurs and there is a chance that the price will fall to test the $70.00 level. Traders will still wait for a breakout and closure outside the triangle pattern to confirm the direction of the next movement of crude oil prices.

Today’s critical level to watch:

Support: $70.00

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