Gold testing $1,953

Gold price bearish rejection from the $2,000 resistance level brought the price lower toward the $1,953 level. The price might continue consolidating between $1,953 – $2,000 and traders will wait for a close outside of the range to confirm the next direction. Despite the situation, we think the price will continue moving bullishly as the Fed balance sheet start to swell again. On the lower side, if the price manage to reach $1,900, traders could prepare to enter long positions.

Today’s critical levels to watch:

Support: $1,900, $1,850

Resistance: $1,950

Silver stick near $23.00

Silver prices have closed inside the $23.00 – $23.90 area and are set to continue the upward movement to target the next area $25.00 – $26.00. However, a consolidation might happen and another bearish correction too. If the price starts moving lower then traders could wait near the $21.35 level for a chance to enter long positions. Short positions are not suggested as the trend might have turned bullish again.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil jumped above $70.00

Crude oil prices building strong bullish momentum from below the $70.00 level. The price might continue moving upward to target the $77.13 resistance level. A close above $77.13 and a new higher high will confirm the switch from a bearish trend to a bullish one. No conclusion yet, for now, traders will observe the price reactions near the resistance level to determine the next direction.

Today’s critical level to watch:

Support: $77.13, $70.00

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