Gold limited between $1,800 & SMA 200
Gold prices confirmed the bullish pin bar pattern by moving above it yesterday and reach the daily SMA 200. However, the price experienced rejection from the daily SMA 200 and closed the day near its opening level. At the current time, gold prices are expected to continue trading between the $1,800 and daily SMA 200.
We think the price will make a bullish breakout and continue its long-term bullish trend eventually.
Today critical levels to watch:
Support: $1,800, $1,780, $1,700, $1,680
Resistance: $1,850, $1,900
Silver closed below $25.00
Silver prices printed third bearish close yesterday and below the $25.00 handle. Despite the bearish outlook, the price close below $25.00 is not significant to turn into a full-scale bearish trend. Traders will continue to monitor the price reaction near $25.00 for now.
If the price could move upward and close above $25.00 then there is a chance for a bullish reversal.
Today Critical levels to watch:
Support: $25.00, $21.35, $20.00
Resistance: $26.00, $27.00, $29.00, $30.00, $31.50
Crude oil bullish reaction
Crude oil bearish breakout below $70.00 has brought the price down to test the yellow box area. There is a bullish reaction from the box area yesterday as the price closed the day on the bullish side. If the price could continue moving upward and immediately close above $70.00 then the bullish trend will continue.
On the other hand, if the price takes a long time to recover then we might see further bearish pressure to test the yellow box area.
Today critical level to watch:
Support: $65.00, $60.00
Resistance: $67.20, $70.00, $77.13