Gold testing the $1,900

Yesterday, gold prices climbed above $1,900 and continue to maintain the bullish pressure. However, at the end of the day, the price reversed its direction and closed the day below $1,900. We have a bearish pin bar formed after the test which might indicate a bearish reversal.

However, the pattern needs a bearish close confirmation below the candlestick low. At the current time, the price continues trading near $1,900 and inside the previous day range. As long as gold maintains the close near $1,900 without confirming the bearish pattern then we might see a bullish breakout soon.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $2,000

Silver settled near the trendline

Silver prices initially moved upward and printed higher high. However, the price lost bullish momentum and pushed lower to close near the trendline. At the current time, the consolidation near the trendline will continue and we still think silver will bounce from it at the end of consolidation.

Today Critical levels to watch:

Support: $27.00, $26.00, $25.00, $21.35, $20.00

Resistance: $30.00, $31.50

Crude oil hanging near the top range

Crude oil prices seem trading sideways for now near the top of the yellow box range. The price is slightly lower today but no major movement with strong momentum yet. We might see the price continue consolidating near the top of range while waiting for further bullish momentum.

As long as there is no breakout from the yellow box area, crude oil will continue its sideways movement.

Today critical level to watch:

Support: $65.00, $60.00, $57.60, $55.80, $54.50

Resistance: $67.20, $70.00