Gold retesting $1,953

The price of gold is expected to continue its bullish trend to form new record highs. However, the price is currently experiencing bearish pressure and is testing the $1,953 point. It is likely that prices will move flat ahead of the announcement of the Fed’s interest rate next week. Traders will now watch for price movements near support points and enter long positions when there is a strong bullish reaction.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

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

Silver rejection at $25.00

The bearish reaction occurred in silver prices near the $25.00 point yesterday. Silver prices continued their decline in today’s trading although not with a strong bearish momentum. If the price moves down towards $23.90 then it is an opportunity for traders to increase long positions.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil waiting for reactions from $77.13

The price of crude oil strengthened to reach $77.13 and will now continue to test this resistance point. A close above $77.13 and the trendline will confirm the continuation of the bullish trend. However, if the price turns out to weaken further then the lower trendline line will be the weakness target. The overall trend slowly turn bullish for medium-term which mean traders might favor long positions to short positions.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00