Gold bounce from daily SMA 200
Gold prices pushed lower today and managed to reach the daily SMA 200. There is bounce reaction which surpassed yesterday’s high. However, the price has returned inside the yesterday’s range which suggest only a temporary reactions. We are still inside the triangle pattern and between daily SMA 200 also $4,546 level. Tomorrow Non-farm employment data might become the trigger for movement in gold prices.
Today’s critical levels to watch:
Support: $4,500, $4,380
Resistance: $4,546, $5,000, $5,200, $5,500
Silver bullish recovery
Silver prices stage a recovery today after yesterday’s bearish close. Despite the bullish situation, the price mostly moves inside yesterday’s range, If there is bearish continuation, then we could expect the price to test $70.00 level. Traders will continue wait for the price to breakout and close outside the $70.00 – $80.00 range.
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 bearish pressure
Crude oil prices turn lower again today after Trump indicating reluctance to restart Iran war. Price fall below $95.00 but stay above the $90.00 level. As we mentioned before, the price range span between $85.00 – $110.00, and it will continue moving the range for now. Volatility will continue, and we expect the price to continue stay above $85.00 this year.
Today’s critical level to watch:
Support: $90.00, $85.00, $80.00, $77.13
Resistance: $95.00, $100.00, $110.00