Gold completed target

Gold prices opened higher and reached the $5,000 mark. It also completed our 161.8% Fibonacci extension target and currently has relinquished most of the intraday gain. It could be a profit-taking reaction from the $5,000 level. Furthermore, it could also a signal that major supply is coming into the market. Traders who want to speculate with a short position could place a stop order above the candlestick high. A retracement of 20-30% of recent move from $4,273 – $5,110 might be reasonable.

Today’s critical levels to watch:

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

Resistance: $4,670

Silver above $100.00

Silver prices closed above $100.00 and swept the stop order above it to reach as high as $117.67 before turning lower. At the current time, the price is moving below the opening level, which suggested possible bearish correction in the coming days. Traders who want to speculate with short positions will place a stop order above the $117.67 level. On the lower side, $100.00 is the support level to watch.

Today’s critical levels to watch:

Support: $83.91, $80.00, $70.00

Resistance: $85.00

Crude oil supported above $60.00

Crude oil prices has not left the $60.00 – $62.00 area. We could see the prices printing higher high and higher low which mean the bull is in control. When it closes above $62.00, we might see immediate upward movement to target the $65.00 level. On the lower side, the latest swing low at $58.67 is the major level to watch.

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