Gold moving sideways

Gold prices continue their consolidation near the green box area and have not shown any indication of the next direction of movement. Sideways movement will still take place and traders will continue to use the green box area as a place to accumulate long positions. If there is a decline and closes below the green box area then the direction of the trend will change to bearish for the medium term.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver continues toward $29.00

The decline in silver prices continued yesterday with a bearish closing occurring. The price is not far from the $29.00 point where a bullish reaction is likely. Traders can wait near the $29.00 mark for a bullish reaction and an opportunity to add to long positions. There is not much a trader can do but it is best to avoid short positions.

Today’s Critical levels to watch:

Support: $30.00, $26.00, $25.00, $23.90, $23.00

Resistance: $31.50

Crude oil moving toward $70.00

A drop below $77.13 has opened the door to a move towards $70.00. Crude oil prices continued their weakening yesterday and there is no visible change in direction. Traders can wait near the $70.00 mark for a bullish reaction and an opportunity to enter long positions. However, because the trend turns bearish, when the price reaches the resistance point there is a chance of a bearish reaction and a continuation of the decline.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00