Gold bounce from daily SMA 200

The bearish pressure on gold prices managed to reach the daily SMA 200 and test it. A bounce happens and now the price might continue upward to target the $1,900 handle. Traders who have entered long positions will place stop below the previous swing low and wait for a reaction near $1,900. If the price strong bearish rejection happens then we might see a new bearish leg to test the $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,953

Silver continue toward $23.00 – $23.90?

Silver prices bounced from the $21.35 support level and moved upward with strong bullish momentum. If the price continues moving upward today then a new higher high will be printed and the price might continue upward to target the $23.00 – $23.90 area. Despite the bullish setup, traders will stay cautious and prepare for a sudden bearish reversal.

Today’s Critical levels to watch:

Support: $21.35

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

Crude oil avoided bearish close

Crude oil prices pushed lower yesterday with strong bearish momentum but the price managed to reverse the bearish pressure and closed on the positive side. No change to the current bullish situation, crude oil prices are expected to continue the bullish movement and target the $130.00 resistance level.

Today’s critical level to watch:

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

Resistance: $130.00