Gold return to $1,900

U.S election will continue to influence the gold prices movement this week. Gold showed a bullish reaction and currently trade near the $1,900 resistance level. No conclusion yet on gold next direction. The price might consolidate near the $1,850 – $1,900 area or it could continue upward and a breakout above $1,900.

It is better to wait until the election result is announced.

Today critical levels to watch:

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

Resistance: $1,900, $1,950, $2,000

Silver building bullish pressure toward $25.00 – $26.00 area

Silver prices got rejected from the $25.00 resistance level last week and the price moved lower. However, the bearish pressure does not continue and currently, the bull is building bullish pressure toward $25.00. We have no conclusion yet on the silver prices next direction. Traders might want to wait until the U.S election concluded before deciding to enter major positions.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil major bullish engulfing pattern

The price pushed lower and almost reached the $33.00 support level. However, the bearish pressure recedes and the bull secured control over crude oil prices. We have a bullish engulfing pattern formed on the daily chart and currently, there is bullish follow-through. It might not take long for crude oil prices to return to the $38.50 level again.

A close above $38.50 will bring the price back to the bullish track.

Today critical level to watch:

Support: $33.00, $30.00

Resistance: $38.50, $40.00, $49.00, $50.00