Gold resumes bullish movement

Gold prices managed to bounce from the bottom of the channel and now are set to continue the bullish trend. Traders who enter long positions when a bearish retest happens could hold the positions with a stop below the previous swing low. No change to the bullish outlook, each bearish correction is a chance for traders 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 return above $23.00

Consolidation is happening in silver prices near $23.00. The price is expected to continue the long-term bullish trend and traders will continue to use the range between $21.35 – $23.00 to add long positions. On the upside, the price needs to print a new higher swing high to confirm the continuation of the bullish trend.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil trapped inside triangle pattern

Crude oil prices made a bullish attempt above the triangle pattern last week. However, the price failed to close outside of the triangle area and is now under bearish pressure. A retest on the $70.00 and the bottom of the triangle might happen soon. Traders will wait until the price makes a breakout and close outside of the range to confirm the next direction of crude oil prices.

Today’s critical level to watch:

Support: $70.00

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