Gold reached $2,000

Gold is on a bullish track and reached the $2,000 handle today. The upward pressure might continue following the market expectation that the Fed will stop raising interest-rate and start a new round of stimulus to help the banking sector. Traders will observe the price reaction from the $2,000 handle and also the $1,953. If the price starts a bearish correction, traders could consider entering long positions near support levels.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950

Silver target $23.00 – $23.90

Silver prices are trading upward and will target the $23.00 – $23.90 resistance area. We think the precious metal prices will continue moving upward this year as the Fed pivots away from its high interest-rate policy. If silver prices start a bearish correction then traders could wait near the $21.35 level for a chance to enter long positions.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil testing $65.00

Crude oil prices continue under bearish pressure following the banking sector’s woes in U.S. and Europe. It seems the market thinks that the economy will continue to slow down and price for less demand for crude oil. If the $65.00 support level is broken to the downside then traders will prepare for a bearish continuation. On the upside, $70.00 is the resistance level to watch for bearish positions.

Today’s critical level to watch:

Support: $77.13, $70.00

Resistance: $80.00, $85.00, $90.00, $95.25