Gold more sideways movement

Gold prices currently stick near the $1,780 – $1,800 area after the previous week’s major bearish pressure. The price is expected to continue its consolidation for now near the level while traders weighing on new economic data releases. Next week, traders will focus on the U.S job data once again.

Strong job data could become the signal to start unwinding current loose policy by the Fed.

Today critical levels to watch:

Support: $1,780, $1,700, $1,680

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

Silver waiting for reaction near $26.00

Silver price made a bullish attempt to break out above the $26.00 level. The price could trade above the level but at the end of the day, it is always close below it. No conclusion yet where the price will move next. If the price continues the bearish movement then it will trade between $25.00 – $26.00 until the next direction is settled.

If the price could close above $26.00 with strong bullish momentum then traders will expect a rally toward $27.50.

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 further consolidation

Crude oil prices trend is bullish with $77.13 as the nearest target. This week, the price mostly trading sideway and waiting for a trigger to move. No change to the outlook yet, traders who have long positions will continue to hold the positions. On the other hand, if a bearish correction happens then $70.00 is the level to watch for a bounce.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13