Gold bullish pressure

The movement of the gold price is bullish again and is heading toward $1,953. Price will test that point and traders will wait for a reaction. If prices can make a close above $1,953 then the upside move could continue towards $2,000. Conversely, if the price bounces down then the consolidation between $1,900 – $1,953 will continue.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950, $2,000, $2,069, $2,074

Silver upward pressure

Bullish pressure from silver prices continued after the release of below-expected inflation data. The price is headed for $23.90 and will test it. A close above the $23.00 – $23.90 area will confirm a continuation of the move toward the $25.00 – $26.00 area. If the price reverses drastically and closes below $23.00 then a drop towards $21.35 could occur.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil has more bullish pressure

Strengthening in crude oil prices is still occurring towards the red trendline line. This strengthening occurred due to the weakening that occurred in the U.S. dollar index. Traders who already have long positions will maintain positions and be ready to take partial profits near the trendline. Consolidation is taking place at the moment between the blue and red trendlines. When there is a decline, traders can take advantage of the opportunities to enter long positions.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00