Gold bounce from $1,900

Gold prices managed to bounce from the $1,900 support level yesterday. The price is slightly higher and set to test the $1,953 resistance level. If the price could continue the upward movement then traders will see continuation toward the $2,000 resistance level. On the other hand, a major bearish reversal from the current level could bring the price down to the target of $1,850.

Today critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,953, $2,000, $2,074.69

Silver closed near $25.00

Silver experienced bearish pressure below the $25.00 handle but managed to close the day near the level at the end of the day. At the current time, the price traded upward inside the $25.00 – $26.00 area. If the price could continue to maintain the movement inside the area then traders will prepare for bullish continuation above $26.00.

Today Critical levels to watch:

Support: $25.00, $23.90, $23.00

Resistance: $26.00, $27.50

Crude oil slight upward reaction

Crude oil pushed lower below $100.00 after the rally toward $130.00. The price currently attempting to move upward and has traded above yesterday’s high. It seems the bullish pressure is limited at the $100.00 handle. Traders will observe the price reaction near $100.00 for now. If the price could continue upward and close above $106.24 then there is a chance of bullish continuation.

Despite the current bearish situation, we still think crude oil is bullish for the long-term following the high inflation reading which is expected to continue its rise.

Today’s critical level to watch:

Support: $90.00

Resistance: $100.00, $106.00, $130.00