Gold resume bullish trend

The bullish trend in gold prices seems to be underway again after the release of U.S. inflation data which is below estimates. The price is currently moving up and will target the previous swing high and also $2,539 – $2,606. Traders who already have a position when a bearish correction occurs to the green box area can maintain that position at this time. Still the same as before, traders will use every decline that occurs in gold prices as an opportunity to add to long positions.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver retesting previous swing high

The price of silver has moved up and is now immediately testing the swing high point that was formed previously. An increase above this point would take the price towards the $30.00 and $31.50 levels. The trend has been bullish since the price rose above $25.00 – $26.00 so long positions prefered when a bearish correction occurs. For now, traders will just wait for a bearish correction to occur for the opportunity to add to long positions.

Today’s Critical levels to watch:

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

Resistance: $30.00, $31.50

Crude oil consolidating between $77.13 – $80.00

The bearish pressure on crude oil prices appears to be easing with a bounce from $77.13. However, this is not yet confirmation that the direction of movement will be bullish. Consolidation is likely to take place between $77.13 – $80.00 for now. Traders can use this opportunity to carry out range trading and accumulate long positions anticipating the start of a new bullish trend.

Today’s critical level to watch:

Support: $77.13

Resistance: $80.00, $83.85, $85.00, $90.00