Gold more consolidation near $1,953

Gold prices movement is expected to remain bullish targeting higher highs. However, the price experienced bearish pressure after the results of the debt-ceiling negotiations ended with an agreement to increase the debt limit. At the moment the price is still trading near the $1.953 level and will be waiting for further reaction. If the price then continues to decline then the $1,900 level is a downside target.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

Resistance: $2,000, $2,069, $2,074

Silver waiting for a breakout from the $23.00 – $23.90 area

Silver price is trying to move up but is confined within the $23.00 – $23.90 area. Consolidation is still ongoing and traders will wait for a close outside the range to confirm the next direction. If the decline continues then the $21.35 level is a bearish target to watch. However, if the price continues to strengthen then the $25.00 – $26.00 area will be the area to target.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil bounced above $70.00

Crude oil prices fell below the $70.00 point but found support near the $67.20 level. The strengthening of today’s crude oil prices was driven by Saudi Arabia which stated that it would reduce the amount of oil production. If the price can continue its upward movement then the $77.13 level is the nearest target to watch.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00