Gold waiting for catalyst

Even though there is escalation of conflict between Israel-Iran, it looks like gold prices trading sideways. If there is no immediate bullish movement in a few days, then gold prices might continue sideways or attempt to move lower. Nevertheless, traders will continue to use the current level and the lower support level for a chance to add more long positions.

Today’s critical levels to watch:

Support: $3,350, $3,250, $3,200, $3,150

Resistance: $3,400, $3,500

Silver retesting the level near $35.25

Silver prices undergo bearish pressure today and moved near the $35.25 level. There is slight bounce reaction and the price looks trading back almost near the opening level. At the current time, the price might continue consolidating and wait for bullish signal. On the upside, we think the price could reach $38.34 and $40.00 eventually.

Today’s Critical levels to watch:

Support: $35.25

Resistance: $38.34, $40.00

Crude oil stick near $77.13

The escalation of conflict between Israel – Iran put more bullish pressure on the crude oil prices. We could see the price stall near the $77.13 resistance level now. The price might continue consolidating near the level and looking for breakout higher. Next 2 weeks might be vital for the price direction, and it will depend on the conflict development and supply chain disruption. Traders who has long positions from below $65.00 will continue to hold the positions for now.

Today’s critical level to watch:

Support: $67.20, $65.00, $60.00, $52.4

Resistance: $70.00, $77.13