Gold testing the bottom of the channel

After previously successfully bouncing from the bottom of the bullish channel, gold prices are again experiencing selling pressure. Traders will now observe the reaction of price on the channel line. If the price can bounce up strongly then the bullish trend can continue. Conversely, if there is a further decline then the $2,000 and $1,950 points could become downside targets.

Today’s critical levels to watch:

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

Resistance: $2,069, $2,074

Silver trading near $23.00

After the bearish pressure that occurred on silver prices. The price is now back under bearish pressure but is still expected to trade near the $23.00 mark. Traders will now wait for further reaction from silver prices. If the price still moves down and forms a lower low then the bearish trend may continue towards $21.35. On the other hand, if the price rises again above $23.90 then there is a chance that the bullish trend will continue directly towards $25.00 – $26.00.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil continues triangle consolidation

There has been no movement out of the triangle pattern in crude oil prices. The price is currently moving down to test the bottom of the triangle pattern. Traders will now wait for the price to move out of the triangle pattern to confirm the direction of the next movement.

Today’s critical level to watch:

Support: $70.00

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