Gold continues upward

The rise in gold prices has strong bullish momentum and will soon reach a new record high. Analysts estimate that gold prices could continue their rise towards the $3,000 mark due to the still high inflation rate and the probability that the U.S. dollar is likely to weaken this year. Traders should maintain long positions during this year and take advantage of the decline in gold prices as an opportunity to enter long positions.

Today’s critical levels to watch:

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

Resistance: $2,069, $2,074

Silver bearish reaction at $23.90

The bullish pressure on silver prices stalled yesterday after a bearish close. However, this bearish reaction is likely only a temporary reaction near the $23.90 mark. If the price can immediately continue its increase with strong bullish momentum then the increase can immediately continue towards $25.00 – $26.00.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil consolidation between $77.13 – $80.00

The price of crude oil experienced a decline from $80.00 and fell to $77.13. This decline has again experienced a bullish reaction and crude oil prices are trying to rise again towards the $80.00 level. Consolidation will take place between $77.13 – $80.00 for the time being and traders will wait for a close outside the area. The tendency of price movements is still bullish so traders will continue to maintain long positions for now.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00