Gold waiting for bullish confirmation

Gold prices could not extend its bullish close yesterday after three bullish streak. The price closed lower but no bearish follow-through in the today trading session. If gold could make bullish close above the previous day high and previous weekly high then it is set to continue toward $1,780.

Today critical levels to watch:

Support: $1,700, $1,680, $1,650

Resistance: $1,750, $1780

Silver stick near $17.50 – $17.73

Silver prices returned inside the $17.50 – $17.73 range and expected to consolidate near it. At the current time, traders will wait for further reaction from the area before placing positions. We still think silver could continue its upward movement and target $18.50.

Today Critical levels to watch:

Support: $17.50, $17.00, $16.80

Resistance: $17.73, $18.00, $18.50

Crude oil rejected from $38.50

The resistance $38.50 finally made rejection reaction and crude oil start moving lower. Today, there is bearish follow-through below the previous day low. However, the bearish pressure recedes and currently, the price has traded above the opening level.

It is too early to determine that crude oil will continue higher. Today closing level will determine if the price will continue higher or move further lower to $30.00 – $33.00 area.

Today critical level to watch:

Support: $33.00, $30.00

Resistance:  $40.00