Gold waiting for the election result

Gold prices climbed above and close above $1,900 yesterday. The precious metal gain might be temporary as traders and investors observing the U.S election result. At the current time, gold prices pushed lower but maintained the positions above the previous day low.

Traders will wait for the election result to decide whether gold prices will continue its bullish movement toward $2,000 or extend its bearish movement toward $1,780 – $1,800.

Today critical levels to watch:

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

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

Silver bearish reaction

Similar to the gold prices reaction, silver prices slightly lower today. But, the price could maintain its position above the previous day low. If the price moves upward then $25.00 – $26.00 is the resistance area to watch. On the other side, $21.35 and $20.00 is the support levels to watch.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil continues the bullish movement

Crude oil prices charging upward after the bullish engulfing pattern. The price has returned to the $38.50 level today. If the price could continue its upward movement and breakout above $40.00 then traders will expect the long-term bullish continuation.

Today critical level to watch:

Support: $33.00, $30.00

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