Gold target new record high

Gold prices resume the bullish movement and now getting near the previous record high. We might see a test on the level soon and the price is expected to print new record high. No change to the strategy, if the price start a bearish correction then it is chance for traders to add long positions at a lower level.

Today’s critical levels to watch:

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

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

Silver moving toward $31.50

After the bounce from $29.00 – $30.00 area, silver prices is trading upward though slowly. The price will test the resistance level and look to breakout above it. If the price could breakout and print new higher swing high then the bullish trend could continue. On the other hand, if the price experience bearish reversal then we might see another test on the $29.00 – $30.00 area again.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil no bullish close yet

Crude oil prices made four bearish consecutives closes on the daily chart. The price is currently under bearish pressure and might extend the bearish closes. There is no bullish reversal confirmation yet, which mean traders better wait sideline for now. The $75.00 might become the place where bullish reactions happen. When there is bullish reaction, traders could enter long positions expecting the continuation of bullish trend to target new higher swing high.

Today’s critical level to watch:

Support: $77.13, $70.00, $67.20, $65.00

Resistance: $80.00, $83.85