Gold stick near the daily SMA 200

Gold prices continue trading sideway nearing the U.S inflation data release. There is no clue yet on where the price will move next. Traders might want to stay sidelined until the closing of the day to determine the next direction. If the price close below the daily SMA 200 then we might see a bearish continuation toward $1,780 – $1,800. Meanwhile, a bounce from the current level could bring the price toward $1,900.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,953

Silver pushed lower toward $21.35

Silver prices experienced bearish pressure yesterday and pushed toward the $21.35 support level. The price might continue moving near the level before the U.S inflation data release. If the price continues lower and closes below $21.35 at the end of the week then we might see a bearish continuation toward $20.00 next week.

On the other hand, a major bullish bounce from the current level could bring silver prices up to the target $23.00 – $23.90 area.

Today’s Critical levels to watch:

Support: $21.35

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil slowly moving toward $130.00

Crude oil prices bullish trend continues unstoppable. The price keeps moving upward slowly toward the $130.00 resistance level. Traders will continue to hold long positions and avoid short positions for now. If the price gets rejected with a strong reaction from the $130.00 then traders could enter short positions with a tight stop above the resistance level.

On the safer side, it is better to wait for a bearish correction to enter long positions.

Today’s critical level to watch:

Support: $106.00, $100.00, $95.25, $90.00

Resistance: $130.00