Gold bearish reaction
Gold prices extended its bullish close yesterday. The price managed to close above the daily SMA 200. However, the bullish pressure seems reversed today as the price move below the previous day’s low. We think the current bearish reaction is an initial reaction and might be temporary.
If the price could make recovery and close near or above daily SMA 200 then gold is set to continue its bullish movement.
Today critical levels to watch:
Support: $1,800, $1,780, $1,700, $1,680
Resistance: $1,850, $1,900
Silver return to $26.00
Silver prices movement mostly sideway ner $26.00 and the price continue stick near the level. Similar to the previous day’s analysis, traders will expect more sideway movement near the level and waiting for further reaction. We suggest traders stick with long positions and add more positions if the price managed to reach $25.00.
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 target $70.00
Crude oil prices secured another bearish close and getting near the $70.00 support level. As mentioned in the previous analysis, if the price could maintain the positions above $70.00 after the test then traders could enter long positions.
Today critical level to watch:
Support: $70.00, $67.20
Resistance: $77.13