Gold bearish pressure

Gold prices back under bearish pressure today as U.S dollar index gaining ground. Traders seems preparing for inflation data and decide to flock into U.S dollar as job data also trending upward. Under current situation, traders could wait near the trendline for bullish reactions. When there is bullish reaction, traders could add more long positions in gold.

Today’s critical levels to watch:

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

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

Silver return inside $29.00 – $30.00

The bullish close above $30.00 in silver prices last week immediately receive bearish reaction from the market. Silver prices pushed lower back below the $30.00 level. If there is no bullish reactions or the price could not immediately close above $30.00 then we might see consolidation between $29.00 – $30.00 again. Under current situation, traders will continue hold long positions and wait for close outside of $29.00 – $30.00 again.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil confirmed breakout above $77.13

Crude oil prices thrusting above $77.13 with strong bullish momentum today. It seems a bullish breakout and continuation happening and the price will target $85.00 level next. However, if the price loses bullish pressure and returns below $77.13 immediately then there is a chance of a bearish reversal and continuation toward $70.00 again.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85