Gold extends bullish movement

Gold bullish trend is set to continue as the price gains more ground above the $1,800 and daily SMA 200. Yesterday, Jerome Powell’s testimony declared that the U.S economy is healthy and in need of a tighter economic policy. It seems a more aggressive interest-rate increase has not been confirmed but traders will expect 3-4 rate increase this year.

Under the current situation, gold prices will attempt to target $1,850 and $1,900 resistance levels to confirm long-term bullish continuation.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,953, $2,000

Silver target the yellow box area

Silver prices have not reached the yellow box area but it might soon reach it. The same as mentioned in the latest analysis, we think a test will happen and a bullish breakout might happen. If a bullish breakout happens then the price could continue the bullish movement toward the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil getting near $82.72

The only direction of crude oil prices is bullish for now after the previous day’s rally. We expect the price to reach the $82.72 resistance level soon and test it. On the upside, $85.00 is the major target to break. If the price could breakout above $85.00 then the long-term bullish trend is set to continue with $100.00 as a target.

Today critical level to watch:

Support: $80.00, $77.13, $71.22, $70.00

Resistance: $82.72, $85.00