Gold new record high

Gold prices extended the upward movement and reached a new record high. However, the price seems hesitating to continue the bullish movement. If the gold prices could maintain the upward pressure, then traders could expect immediate strong bullish continuation. However, if the pair lost the momentum then traders could expect bearish correction toward $2,715, $2,700 and the trend line.

Today’s critical levels to watch:

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

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

Silver testing $31.50

Silver prices moving upward aggressively and reached the $31.50 level today. It will test the resistance level and attempting to breakout higher. On the upside, a close above $31.50 and a new higher swing high will confirm the continuation of bullish trend to target $35.25. Another bearish rejection from $31.50 could bring the price down to retest $29.00 – $30.00 area.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil, no bullish reversal yet

Crude oil prices continue losing ground after it fell from $77.13. No new lower swing low on the chart which mean there is chance of bullish reversal. Under current situation, traders better waiting sideline until the price stabilizing and form major bullish reactions before entering long positions.

Today’s critical level to watch:

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

Resistance: $80.00, $83.85