Gold cancels bearish pressure

Gold prices printed a bearish close yesterday but there is no bearish follow-through today. The price is attempting to resume the bullish trend to target a new higher swing high. Traders will continue to hold long positions and observe the price reactions near the trendline when a bearish correction happens. As long as the price continues printing new higher swing highs and higher swing lows, there is no reason to turn bearish yet.

Today’s critical levels to watch:

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

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

Silver moving inside $29.00 – $30.00

Silver prices are moving inside the $29.00 – $30.00 area again. The price failed to conclusively break out from the $29.00 – $30.00 area. It seems the price will continue to consolidate inside the $29.00 – $30.00 area again now. Traders will wait for a breakout and close outside of the area to confirm the next direction.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil major breakout above $77.13

The price of crude oil has climbed above the $77.13 level and made a strong bullish close. The price also printed a new higher swing high which might confirm the continuation of the bullish trend. At the current time, the price makes a bearish correction toward the $77.13 level. Traders could use the level as a place to add long positions with a stop below the latest bullish candlestick low.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85