Gold closed above green box area

A bullish close occurred on gold prices yesterday and the price managed to close above the green box area. Consolidation is likely to continue in gold prices near the green box area and traders will continue to wait for developments. As long as the price has not formed a higher swing high point, the situation is still neutral. However, if there is a weakening and closing below the green box area, the bearish trend can resume.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver bullish bounce

Silver prices rose again above the $29.00 mark with good bullish momentum. However, the bulls appear to be losing momentum and prices are hovering near yesterday’s high. If the price can continue strengthening towards $31.50 then the bullish trend can continue. Meanwhile, further decline and formation of a lower swing low will confirm a decline towards $25.00 – $26.00.

Today’s Critical levels to watch:

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

Resistance: $31.50, $35.25

Crude oil waiting for development

The increase in crude oil prices is still ongoing but prices appear to have lost their bullish momentum today. Price movement is expected to remain bullish but consolidation may also take place between $80.00 – $83.85. Traders will use every decline that occurs in crude oil prices as an opportunity to add to long positions.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00

Resistance: $83.85, $85.00, $90.00