Gold target new record high

The upward momentum of gold prices is very strong and prices will soon reach new record highs. There is no reason for traders to enter short positions given the current situation. The bullish trend will continue and if there is a bearish correction then traders can consider continuing to add long positions near the support point.

Today’s critical levels to watch:

Support: $2,000, $1,950, $1,900, $1,850, $1,800

Resistance: $2,069, $2,074

Silver closed near $23.90

The price of silver immediately reached $23.90 following the increase experienced by the price of gold. The movement of silver prices will still be bullish and traders should not enter short positions. A rise towards the $25.00 – $26.00 area is the next focus for silver prices. If the price starts moving lower then traders could continue to add long positions for now.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil rejection from $80.00

Another bearish rejection was experienced by the price of crude oil near the $80.00 point. Weakness is possible towards the $77.13 point where traders will continue to use this point to enter long positions. As long as the price can continue to form higher swing high and swing low points, the price trend will still be bullish.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00