Gold bearish pressure
Gold prices resume the downward movement and looks will reach the daily SMA 200 soon. The price situation stay limited between the averages and the $4,546 level. This week Non-farm employment data could become the trigger for breakout. It could break either side and traders better wait for more confirmation. Overall, shorting at current level is shorting against the daily SMA 200 which is shorting support, so stay sideline might be the best idea.
Today’s critical levels to watch:
Support: $4,500, $4,380
Resistance: $4,546, $5,000, $5,200, $5,500
Silver continuation lower
Silver prices violated the support trend line where it might continue the downward movement to target the $70.00 level. The price has not left the $70.00 – $80.00 area yet and might maintain the range. For now, traders will wait for reactions either at the $70.00 & $80.00. If breakout below the range happen, we expect silver prices to continue downward to target $54.00 & $50.00.
Today’s critical level to watch:
Support: $70.00, $54.00, $50.00
Resistance: $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil more bullish momentum
After returning above the $90.00 level, crude oil prices continue gaining more upward pressure. It is now above the $95.00 level and looks will target the trend line for retest. Overall we could say $85.00 – $110.00 range maintained, and the bull is holding the ball now.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00, $77.13
Resistance: $95.00, $100.00, $110.00