Gold waiting for a bullish reaction

Gold prices fell with strong bearish momentum last week. There is no bullish close last week and the price managed to close below $1,780. This week, traders will wait for a further reaction from the area. If the price continues its bearish movement then gold might target $1,680 – $1,700 area.

We think there is a chance for the precious metal to return to its bullish trend by making a close above $1,800.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800, $1,850, $1,900

Silver trading inside $25.00 – $26.00

Last week, silver prices closed below the $26.00 support level. This means the price return to its $25.00 – $26.00 consolidation area and will wait for further reaction. If the price continues lower and reaches $25.00 then traders could use the moment to enter long positions. However, traders might want to be careful as the current bearish movement has strong momentum.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $29.00, $30.00, $31.50

Crude oil stay bullish above $70.00

Crude oil prices seem doing what it wants to do regardless of the weakness in the global market against the U.S dollar. The price maintains the positions above the $70.00 handle and is expected to continue moving upward. At the current time, traders will continue to hold long positions and place stop levels below the previous week’s low or below $67.20.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13