Gold trading above $4,250
Gold prices squeezed short positions above $4,250 and managed to erase previous week drop. It is now trading at the previous week opening level and might attempt to extend the upward movement. On the upside, the trend line and the daily SMA 200 are the major resistance levels to watch. We still expect more bearish move after the current bullish correction completed. On the downside, triggering stop order below $4,000 might be the target for institutional trader.
Today’s critical levels to watch:
Support: $4,000
Resistance: $4,250, $4,380, $4,500, $4,546
Silver back at $70.00
Silver prices is testing the $70.00 level now after bounce from $64.00. We expect the price to stall near the current level and eventually reverse to continue lower. On the lower side, $54.00 and $50.00 are the levels to watch for long-term target. If $70.00 fail to limit the upside, then the area between $74.00 – $75.00 might be the resistance area to watch next.
Today’s critical level to watch:
Support: $64.00, $54.00, $50.00
Resistance: $70.00, $80.00, $83.91, $85.00, $100.00, $120.00
Crude oil gapped down
Crude oil prices gapped down on the news that U.S-Iran sign memorandum to stop war. It is good news and it happen just after crude oil reach the lower part of the $85.00 – $95.00 area. As a bearish break has happened, there is chance of pullback to retest the broken $85.00 level. On the lower side, $77.13 is the level to watch as support level. If the price return above $85.00 with strong bullish momentum, it seems the trend will turn bullish again.
Today’s critical level to watch:
Support: $80.00, $77.13
Resistance: $85.00, $90.00, $95.00, $100.00, $110.00