Gold on the path upward

After the bounce from the trendline, gold prices continue moving upward though slowly. There is no change to its bullish trend and traders who have entered long positions will continue to hold it now. When the price starts another bearish correction after printing a new higher swing high, traders could enter long positions. On the lower side, a close below the latest swing low or $2,583 might invalidate the bullish trend.

Today’s critical levels to watch:

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

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

Silver trade above $30.00

Silver prices are building bullish pressure above the $30.00 level and it might continue the upward movement to print a new higher swing high. Will the pair maintain the bullish pressure and close outside of $29.00 – $30.00 to confirm the next direction? Alternatively, will it turn lower again, close inside the $29.00 – $30.00 area, and continue the ranging movement?

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil reached $77.13

Crude oil prices launched upward with strong bullish pressure today. The price has reached the $77.13 resistance level and will test it. If the price could close above $77.13 and print a new higher swing high then the trend will turn bullish. On the other hand, if the price experience bearish rejection then it might consolidate between $70.00 – $77.13.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85