Gold continues consolidation

Bullish pressure can be seen in the price of gold which is trying to break out of the green box area. The price movement is currently still sideways in this area so there is no confirmation of the direction of the pair’s next movement. Consolidation is likely to continue but with a bullish bias as the latest U.S. data shows weakness in the labor market. Traders will continue to take advantage of the weakening gold price to accumulate long positions.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver launched from $26.00

After touching $26.00 twice, silver prices finally showed significant strength in today’s trading. This bullish movement has a chance to continue with the $30.00 and $31.50 points as upside targets. Traders who have entered a long position near the $25.00 – $26.00 area will maintain that position with a stop point below $26.00 or $25.00.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50

Crude oil continues lower toward $77.13

There has been no strong bullish reaction to crude oil prices which continue to weaken. The price will now go towards $77.13 and traders will continue to observe the development of price movements. If the price touches this point and there is a strong bullish reaction then traders can add to long positions. A close above $80.00 could be an early confirmation of a bullish reversal.

Today’s critical level to watch:

Support: $80.00

Resistance: $83.85, $85.00, $90.00