Gold reach the daily SMA 200

Gold prices extended its bullish movement yesterday and managed to reach the daily SMA 200. The price is now expected to continue to stick near the averages while waiting for major reactions. We still expect the price to continue its bullish trend in the long-term and target a level above $2,000. Traders could continue to treat each bearish movement as correction and enter more long positions near major support levels.

Today critical levels to watch:

Support: $1,800, $1,780, $1,700, $1,680

Resistance: $1,850, $1,900

Silver more sideways movement

There was a bullish reaction from the $26.00 handle yesterday. The silver price printed a higher high but closed inside the Tuesday range. Today, the price has not moved outside of the previous day’s range. Traders could expect silver prices to continue trading near the $26.00 level with a bullish bias.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35, $20.00

Resistance: $27.00, $29.00, $30.00, $31.50

Crude oil start a new bearish leg

Crude oil prices lose bullish momentum as the price reversed and closed the day on the bearish side. The price continues moving lower today and seems will reach the $70.00 support level soon. If the price close below $70.00 then traders will expect a deeper bearish correction to target the yellow box area.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13