Gold bounced upward

After some time consolidating near the green box area, gold prices saw a significant increase yesterday. No higher swing high point has yet been formed so even though it is bullish there is still a chance for a reversal. However, if the price manages to rise higher then the bullish trend can continue. Still the same as before, a decline and closing below the green box area is very bearish.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver moving to the upside

Just like the price of gold, the price of silver has increased significantly and has almost printing a new higher high. As previously estimated, silver prices will continue their increase to re-test the $31.50 level as well as the previous swing high point. However, if the price reverses downwards and closes below $29.00 then there is a chance of a deeper bearish correction.

Today’s Critical levels to watch:

Support: $30.00, $26.00, $25.00, $23.90, $23.00

Resistance: $31.50, $35.25

Crude oil hanging near $83.85

The price of crude oil has reached its bullish target at $83.85 and there was a bearish reaction. However, the price managed to make a bullish close yesterday and will now continue to test the $83.85 point. A close above the $83.85 point would be a strong bullish confirmation for the price. If there is a decline then the $80.00 point is the support point.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $83.85, $85.00, $90.00