Gold waiting for momentum to move

The precious metal bullish correction has not been canceled yet as the price currently trading at the middle of $1,680 – $1,800. However, there is not much movement yet as the price continues trading sideways. If the price makes a bearish movement toward $1,680 – $1,700 then traders could consider entering long positions. On the other hand, if the price continues moving upward then the area of $1,780 – $1,800 will become the level to watch for short positions.

Today critical levels to watch:

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

Resistance: $1,780, $1,800

Silver closed at $25.00

Silver prices continue its bearish movement inside the $25.00 – $26.00 area. The price managed to reach $25.00 and closed near it. At the current time, there is no breakout from the $25.00 – $26.00 area yet. Silver prices are expected to continue its consolidation inside the area for now.

Traders could continue to apply ranging strategies until breakouts happen.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

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

Crude oil resume weakness below $60.00

The bullish reaction near $60.00 could not lead the price of crude oil further upward. Yesterday, the price fell with strong bearish momentum and closed near the $57.60 support level. At the current time, crude oil prices attempting to build bullish pressure to return above $60.00.

If the price continues its bearish movement then $54.50 – $55.00 is the support area to watch for a possible bounce.

Today critical level to watch:

Support: $57.60, $55.80, $54.50

Resistance: $60.00, $65.00, $67.20, $70.00