Gold no bullish follow-through

The bullish jump from below SMA 200 and $1,850 has no follow-through yet. Gold price closed near its opening level yesterday and there is bearish pressure today. If gold continues moving lower then we might see a retest on the $1,850 level.

Long positions could be taken near the $1,850 when there is a bullish reaction.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver rejection from $26.00

Silver closed the day near the $26.00 handle yesterday. The price gets rejected from the resistance level today. If the bearish pressure continues to mount then a test on $25.00 will happen. At the current time, the silver price is expected to consolidate between $25.00 – $26.00 until a breakout happens.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $30.00, $31.50

Crude oil testing $52.40

Not much movement in crude oil prices since Biden was elected as president. The price slightly lower but maintain the positions above $52.40. As long as there is no major bearish close below $52.40, the price is expected to continue toward $54.50 – $55.00. Traders who have long positions could continue to hold the positions for now.

Today critical level to watch:

Support: $52.40, $50.00, $49.00

Resistance: $54.50, $55.00