Gold further bullish progress above $1,700

The price of gold breakout above $1,700 and closed higher yesterday. We have a bullish engulfing pattern shown on the chart and it could be the confirmation that gold will continue the upward movement. If gold extends its bullish movement then $1,780 will become the upward target. On the downside, traders could use $1,700 as the level to enter long positions when retests happen.

Today critical levels to watch:

Support: $1,700, $1,680, $1,650, $1,600

Resistance: $1,750, $1780

Silver attempting to test $15.60

Silver bounced higher and closed above $15.20 yesterday. The price currently moves higher and soon will test the $15.60 resistance. Traders will observe the price reaction near $15.60 to determine if the bull could breakout above $15.60 or not. If the price stays below $15.60 then traders will expect further consolidation between $14.80 – $15.60

Today Critical levels to watch:

Support: $15.20, $15.00, $14.80, $14.40

Resistance: $15.60

Crude oil halted near $25.00

The upward movement of crude oil prices seems halted near $25.00 as the price currently consolidating. There is a bearish pin bar reaction yesterday but it is not a significant reaction. We think the price of crude oil will continue its upward movement and reach $30.00 handle soon.

If the price move lower then traders could use $20.00 as the level to enter long positions.

Today critical level to watch:

Support: $22.00, $20.00

Resistance: $25.00, $30.00