Gold on track toward $5,000

It is clear that the price will continue the bullish movement to target the $5,000 level & the 161.8% Fibonacci extension at $5,039.87. Traders seems to keep buying mode and shrugging any developing news. We have de-escalation on Greenland issue but no bearish turn around in gold prices. It seems traders just thinking ahead that the situation has not resolved the main issue. Nevertheless, a bearish correction will continue to serve as chance for traders to enter long positions. The area between $4,644 – $4,670 will become the focus area for bullish bounce.

Today’s critical levels to watch:

Support: $4,500, $4,380, $4,300, $4,250, $4,200

Resistance: $4,670

Silver on the path toward $100.00

Silver prices printing a new higher high today and looks set to continue its bullish movement toward $100.00. The level is big psychological numbers which might trigger reactions, either a sharp breakout above it or immediate bearish rejection. No change to bullish strategy, the price keeps moving upward without printing swing lows, which mean traders will keep holding long positions. Stop order could be placed below $83.91 broken swing high, in case of a sharp downturn.

Today’s critical levels to watch:

Support: $83.91, $80.00, $70.00

Resistance: $85.00

Crude oil ranging near $60.00

Crude oil seems trading sideways near the $60.00 level after the bearish correction. No final confirmation on the next move yet, but we expect bullish continuation to target a close above $62.00. On the lower side, a close below $55.80 will cancel the bullish outlook. On the upside, $67.20 could become the upside target after the price closed above $62.00.

Today’s critical level to watch:

Support: $60.00, $57.60, $55.00, $54.50, $52.4

Resistance: $62.00, $65.00, $67.20, $70.00, $77.13