Gold bounces from the channel

Gold prices bounce upward from the bottom of the channel which means the bullish trend is still intact. The price is expected to continue the bullish movement inside the channel. Traders who enter long positions could place a stop level below the previous swing low. If the price makes a bearish breakout and manages to reach daily SMA 200 then traders could prepare to add more long positions.

Today’s critical levels to watch:

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

Resistance: $2,069, $2,074

Silver upward movement above $23.00

Silver prices make a strong bullish movement above the $23.00 handle today. It could become the confirmation of a new bullish leg. However, at the current time, the price looks losing steam and might close near the $23.00 level. Traders will monitor the price reactions next week. If the price could continue moving upward then $23.90 will become the target.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil fake breakout?

Crude oil prices break out above the triangle pattern but it relinquish all gain. At the current time, the price is trading near the opening level and might close inside the triangle area. A fake breakout might happen and it could turn into a more bearish movement. Traders will continue observing the price reactions inside the triangle and the $70.00 level.

Today’s critical level to watch:

Support: $70.00

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