Gold extends its bullish movement

The price of gold continues its upward movement above $1,550 resistance and showed profit taking near $1,586.15 Fibonacci level. Rising tension in the middle east after the death of Qassem Suleimani in the U.S attack is the driving force of the current upward movement in gold. Yesterday, Iran decided to abandon nuclear limits and ready to retaliates against the attack.

Under the current situation, it is better to avoid short positions in gold and continue to hold long positions.

Today critical levels to watch:

Support: $1,550, $1,500

Resistance: $1,586.15, $1,600

Silver on the path higher

Similar to the reaction in gold prices, silver prices also buoyed by the tension between U.S and Iran. The resistance $18.50 is under test and might be broken soon. Traders better avoid short positions for now and enter long positions only when there is a bearish correction.

Today Critical levels to watch:

Support: $18.00, $17.73, $17.50

Resistance: $18.50, $19.00

Crude oil target $65.00

The target at $65.00 soon will be reached by the crude oil bull. The current upward movement influenced by the tension between the U.S and Iran. We could expect further upside in the price of crude oil. Similar to silver and gold, traders might want to avoid short positions for now.

Today critical level to watch:

Support: $60.00, $59.50

Resistance: $65.00