Gold bullish continuation

After consolidating near the green box area for two weeks, gold prices finally showed bullish movement by breaking through the high point for 2 weeks. The bullish trend will continue and this is due to increasingly stronger expectations of interest rate cuts. The Eurozone has started to cut interest rates and this is one strong reason to encourage the Fed to cut too. Traders who have entered a long position will maintain that position with the stop point below the green box area.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver moving toward $31.50

Waiting for the price to reach $29.00 is what traders will do on silver prices when a bearish correction occurs. However, the price immediately reversed upwards sharply and is now approaching $31.50. However, traders who still have a long position from the $26.00 point will continue to maintain that position at this time. If the latest swing high point is broken then the price of silver has the potential to go towards $35.25.

Today’s Critical levels to watch:

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

Resistance: $31.50, $35.25

Crude oil upward movement toward $77.13

After falling below $77.13 and heading towards $70.00, the price of crude oil experienced a bullish reversal. The price will try to move towards $77.13 and test it. If a strong bearish rejection occurs then traders can enter short positions. However, if the price manages to rise above $77.13 and then forms a higher swing high then the direction of the trend may change to bullish again.

Today’s critical level to watch:

Support: $70.00

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