Gold returns to the green box area

Gold prices fell and returned to trading near the green box area. It takes confirmation of a strong bullish bounce for the bullish trend to continue. Meanwhile, if there is a sharp decline below the green box area and the price forms a new lower swing low then the gold price could continue to weaken towards the daily SMA 200 and $2,146.6.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver triangle pattern

The decline in silver prices occurred again with the $29.00 point as the weakening target. In terms of trend, silver prices are still bullish but the price can be seen forming a triangle pattern. The direction of the next movement will be determined from the direction the price breaks out of the triangle pattern. For now, traders will maintain a bullish position and wait for a breakdown of the triangle pattern.

Today’s Critical levels to watch:

Support: $30.00, $26.00, $25.00, $23.90, $23.00

Resistance: $31.50, $35.25

Crude oil bounced from $80.00

The bounce from $80.00 occurred again and the price has the opportunity to move up to $83.85 to test it. A close above the $83.85 point would be a confirmation of the continuation of the strong bullish trend. Meanwhile, a drop below $77.13 and the formation of a lower swing low will confirm the continuation of the bearish trend.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $83.85, $85.00, $90.00