Gold potential weakness

The price of gold has turned upward again, but no new record high printed yet. The price looks hesitant to continue the bullish movement and moving sideways for few days. We might see the sideways movement continue for now. However, if the price turn lower, then traders will use it as a chance to add more long positions. This week, $2,789 – $2,800 and $2,832 are the levels to watch for a chance to add long positions. In the long-term, we think the price will continue its bullish trend.

Today’s critical levels to watch:

Support: $2,900, $2,800

Resistance: $2,981, $3,000

Silver closed near the bullish channel

Last week has been a bullish week for silver prices. The price moved upward above $31.50 and stick near the previously broken bullish channel. If the price experience bearish rejection from the channel, then traders will use $31.50 as a place to add long positions. We maintain bullish outlook on the price and set $35.25 as long-term bullish target.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil close near $67.20

The bearish pressure on crude oil prices brought the price down to test the level near $65.00. We have bounce reactions where the price move toward $67.20 and close the week near it. At the current time, the price might continue trading between $65.00 – $67.20 while waiting for further confirmation. There is chance of bearish movement to break $65.00 and create false breakout situation. Also, the price might move above $67.20 toward $70.00 with strong bullish momentum and create new bullish leg.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85