Gold hanging near the daily SMA 200
Gold prices continue trading sideways near the $1,850 and the daily SMA 200. There is a bearish reaction today but the price has returned above the opening level. At the current time, we might see gold prices continue trading near the averages and close near it. Where will the price move next? Is it higher toward the $1,900 or lower to target the level below $1,780?
Today critical levels to watch:
Support: $1,850, $1,800, $1,780
Resistance: $1,900, $1,953
Silver retesting $21.35
Silver prices keep testing the $21.35 support level without a major reaction from the level. The price might continue trading sideways near the level while waiting for the catalyst to move. If the price continues lower then it will target the $20.00 support level. On the other hand, if the price moves upward then it will target the $23.00 – $23.90 area.
Today’s Critical levels to watch:
Support: $21.35, $20.00
Resistance: $23.00, $23.90, $25.00, $26.00
Crude oil surprise close above $106.00?
Crude oil prices experience a major bearish breakout below $106.00. Despite the bearish situation, the price has recovered nearly half of the losses and trades near the $106.00 level. Will the price close above $106.00 or near the opening level to cancel the bearish outlook? Traders will wait for the closing of the day to get confirmation on whether to enter long positions or not.
Today’s critical level to watch:
Support: $106.00, $100.00, $95.25, $90.00