Gold waiting for momentum movement

The current sideway movement of gold prices is not far from the point of $1,953. The trend is bullish but a bearish correction is also possible to reach $1,900. Traders will be waiting for the development of price movements. If the weakness continues, traders can enter long positions at a lower point. The next bullish target is the record high ever achieved by the price of gold.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

Resistance: $2,000, $2,069, $2,074

Silver closed near $23.00

A sharp decline occurred in silver prices where the price closed near $23.00. Although bearish, the price maintains its position within the $23.00 – $23.90 range. For now, traders will continue to observe the development of price movements. If the price continues to fall then $21.35 is a downside target.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil bounce from $70.00

The movement of crude oil prices is bullish after bouncing off the trendline. The price rose above $70.00 and managed to bounce off that support yesterday. If the price can continue its increase, the price consolidation between the 2 trendlines will still take place.

Today’s critical level to watch:

Support: $70.00, $65.00

Resistance: $77.13, $80.00, $85.00