Gold setting the stage for a further rally
The price of gold traded lower today the entire time. However, the price regains its composure and currently moving up above its opening level. No confirmation yet for the further rally but if the price could close above its opening level or better above the resistance $1,430 then we should see a further rally in gold prices.
At the current time, traders will continue to monitor the price reaction at $1,430.
Today critical levels to watch:
Support: $1,400, $1,390, $1,380
Resistance: $1,430, $1,450, $1,500
Silver crossed above $16.00
No stop yet for the bullish rally in silver prices. The price broke through $16.00 resistance today. If silver could close above $16.00 then we should see a further rally in the precious metal. $16.50 will become the upside target for the current rally.
Today Critical levels to watch:
Support: $16.00, $15.60, $15.20
Crude oil more bearish pressure
Crude oil down for the fourth days and broke below $55.80. At the current time the price expected to continue its weakness toward $54.50 – $55.00 support level. Traders could look for long positions when there is a strong bullish reaction from the level. However, beware of $55.80 if the price manages to reach it.
Today critical level to watch:
Support: $55.00, $54.50
Resistance: $55.80, $57.60, $60.00, $65.00