Gold retesting trend line

The bullish flag pattern has been broken to the upside, and it is pretty obvious the direction is bullish. However, a lot of traders also notice this pattern, which mean everyone entering long positions. Under current situation, the price might be pushed lower to retest support level and clear out weak hand before continuing the bullish movement. Today is the retest example where traders could add long positions when the price touch trend line. What will happen after this?

1. The price might immediately continue the bullish movement to reach new record high

2. It could turn further lower, clearing stop order below $3,250 or worse $3,150 before starting moving upward.

Traders who enter long positions will prepare for both scenario and scaling-in carefully. Alternatively, long positions with stop order below $3,000 might be the most conventional trade.

Today’s critical levels to watch:

Support: $3,250, $3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver extending bullish movement

The breakout above $35.25 happened with strong momentum and the price immediately continue the upward movement. As silver prices have completed our target, traders who still has long positions could target 161.8% extension at $38.347, then target $40.00. On the lower side, $35.25 will become a major support level to watch when retest happen.

Today’s Critical levels to watch:

Support: $33.00, $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil moving toward $65.00

The bullish movement continue in crude oil prices, and it gets near the $65.00. Next week could become the major moment for crude oil prices. If the price could break out and close above $65.00 with strong momentum, then the trend will turn bullish. On the other hand, if bearish rejection happen, then there is chance of bearish movement toward $60.00 or lower.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13