Gold started bullish correction?

There was another bullish close on the gold daily chart. The price keeps building more bullish pressure after the bounce from $1,680 – $1,700 support area. If the price could maintain its bullish pressure then traders will expect the price to target the $1,780 – $1,800 area.

Traders could use the $1,780 – $1,800 area as a place to enter short positions when there is a major bearish reaction.

Today critical levels to watch:

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

Resistance: $1,780, $1,800

Silver bullish pressure above $26.00

Silver price bounced from $25.00 and managed to close above $26.00 yesterday. Though it is not a strong close, the price currently attempting to extend its bullish movement above $26.00. If the price could continue to maintain the bullish pressure and distance itself from $26.00 then the silver price is expected to continue the bullish trend.

On the other hand, a bearish close below $26.00 will lead the pair back into consolidation between $25.00 – $26.00.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

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

Crude oil stick near $65.00

Crude oil price initially fell below Tuesday’s low and looks will start a bearish correction. However, the price made a bullish turn and managed to close the day on the positive side. At the current time, the crude oil price is trading above $65.00 and might extend the bullish trend toward $70.00.

Traders will continue waiting for a bearish correction for a chance to enter long positions.

Today critical level to watch:

Support: $65.00, $60.00, $57.60

Resistance: $67.20, $70.00