Gold further upward, target $1,780

Gold continues its upward movement and made higher close yesterday. The price currently testing $1,750 and the previous month high. A breakout above the resistance level will lead the precious metal further higher toward $1,780 target.

If the price turns lower instead, then gold expected to retest $1,680 – $1,700 area again.

Today critical levels to watch:

Support: $1,700, $1,680, $1,650

Resistance: $1,750, $1780

Silver breaks above $17.73 but close below it

The bullish pressure on silver prices managed to bring the price higher above $17.50 – $17.73 resistance area. However, the price turns lower and settles inside $17.50 – $17.73 area at the end of the day. Silver might continue trading inside $17.50 – $17.73 for now while waiting for a trigger to move.

Similar to the previous analysis, as long as there is no close below $16.80, the bull has a chance to bring the price higher.

Today Critical levels to watch:

Support: $17.50, $17.00, $16.80

Resistance: $17.73, $18.00, $18.50

Crude oil no bearish reaction

Crude oil prices made higher close above Friday high which might indicate further upside in the price. However, the price currently trade near the gap level. It is possible the price could reverse and form a major bearish pattern. Traders might want to be careful at the current level.

Without a major bearish reaction, it is better to continue to stick with long positions.

Today critical level to watch:

Support: $33.00, $30.00

Resistance:  $40.00