Gold bullish close above $1,700

Gold price made a bounce from the $1,680 support level and managed to close the day above $1,700. The precious metal might build more bullish pressure and launch upward toward the $1,780 – $1,800 area. At the current time, traders could use the $1,700 support level to enter long positions with a stop below the previous swing low.

Today critical levels to watch:

Support: $1,700, $1,680, $1,550, $1,500

Resistance: $1,780, $1,800

Silver bounced from $25.00

Silver price made a bounce from the $25.00 support level and closed the day near $26.00. The price is currently rejected from $26.00 and might continue lower to test $25.00 again. As long as the price continue to stay inside the $25.00 – $26.00 area, traders could assume the consolidation will continue.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

Resistance: $26.00, $27.00, $30.00, $31.50

Crude oil lower close below $65.00

It seems the price of crude oil prime for a bearish correction. The price gets rejected from the $67.20 resistance level and closed the day below $65.00. At the current time, the price has moved below the previous day’s low. If the bear continues to add more bearish pressure then traders will expect correction toward $60.00.

Long positions could be taken near $60.00 when a bullish reaction happens.

Today critical level to watch:

Support: $65.00, $60.00, $57.60

Resistance: $67.20, $70.00