Gold retest $2,000

A new higher high printed on the gold prices daily chart confirms a bullish continuation. However, the price is currently under bearish pressure and testing the $2,000 handle. We think the price will keep testing support levels and traders could wait for bullish reactions. When there are bullish reactions, traders could enter long positions with a new record high as a target.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850

Resistance: $2,000, $2,069, $2,074

Silver consolidating inside $25.00 – $26.00

Silver prices continue the bullish movement and retested the $26.00 handle. The upward movement shows bearish reactions at the $26.00 handle. It seems the consolidation between the $25.00 – $26.00 area will continue and traders will monitor further reactions. On the lower side, if the price move lower and reach $23.00 – $23.90 then it is a chance for traders to add more long positions.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil tested $65.00

The bearish pressure on crude oil prices gaining traction and the price managed to reach the $65.00 support level yesterday. There are bullish reactions and currently the price return is above $70.00. If the price could immediately erase all of the bearish losses from the $77.13 level then we might see a rally in crude oil prices. However, if the price reverses the current movement and starts moving lower again then we might see a new lower low.

Today’s critical level to watch:

Support: $77.13, $70.00, $65.00

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