Gold closed below SMA 200

Gold prices made a bearish close below the daily SMA 200 yesterday. There is a bearish continuation in today’s trading session which might prompt further weakness toward the $1,780 – $1,800 area. Traders will observe the price reaction near the support level while looking for a chance to enter long positions.

However, a close below $1,780 will confirm a trend reversal from bullish to bearish.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,953

Silver testing the level near $21.35

Silver prices pushed lower yesterday and made a close near the $21.35 support level. The price currently trading near the opening level and near the $21.35 support level. If there is a bearish continuation then we might see downward movement toward the $20.00 support level. On the other hand, if the price could bounce from the current level then $23.00 – $23.90 area is the upward target.

Today’s Critical levels to watch:

Support: $21.35

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil target $130.00

Crude oil prices managed to print a new higher high yesterday. However, the price could not maintain the bullish pressure and closed the day on the bearish side. There is no bearish continuation in today’s trading session which means the bearish reaction is only temporary. Traders will continue to expect a bearish correction to enter long positions near the support level while avoiding short positions.

Today’s critical level to watch:

Support: $106.00, $100.00, $95.25, $90.00

Resistance: $130.00