Gold trading sideways

No reaction yet from the gold prices which trade at the middle of $1,680 – $1,800. The price continues trading sideways and waiting for a trigger to move. We still think the price will continue its bullish correction and retest the $1,780 – $1,800 area.

However, if the price move lower then traders will observe the price reaction at $1,680 – $1,700 area.

Today critical levels to watch:

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

Resistance: $1,780, $1,800

Silver looking for breakout below $25.00

Silver price closed near $25.00 for the second day. The price seems to build more bearish pressure and looking to break outside of the $25.00 – $26.00 area. Traders will wait for a breakout while continue applying ranging strategies inside the $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $25.00, $21.35, $20.00

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

Crude oil bounced and closed above $60.00

Crude oil prices tested the $57.60 support level and bounced from it. The price managed to close the day above $60.00 yesterday and expected to continue building more bullish pressure. Traders could use the current level to look for long positions while preparing for a possible deeper bearish correction toward $54.50 – $55.80.

Today critical level to watch:

Support: $60.00, $57.60, $55.80, $54.50

Resistance: $65.00, $67.20, $70.00