Gold retesting $2,000?

There has been no strong reaction in gold prices to confirm the direction of the next movement. The price had a bearish close yesterday and could move down to test the $2,000 mark. If the price continues its weakness below the $2,000 point then the daily SMA 200 could be the next target. As written previously, traders can use the area between the daily SMA 200 and $2,000 as a place to enter 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 returns to $23.00

Silver prices increased in yesterday’s and today’s trading. The price is trying to return to the $23.00 point. If the price can close above $23.00 and also form a higher swing high then the bullish trend can continue immediately. Conversely, if the price experiences a further decline then the $21.35 point could become a target for weakness.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil is set to test $77.13

The price of crude oil continues to move up and is not far from $77.13. Price is expected to reach that point shortly and test it. If there is a close above $77.13 then it is a confirmation of the continuation of the bullish movement. Conversely, if the price moves down and forms a lower swing low point then the bearish trend can continue.

Today’s critical level to watch:

Support: $70.00

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