Gold return to the bullish track

Gold prices were under pressure last week after the release of the FOMC meeting result. However, the bearish pressure recede and the price made a bullish reversal to close above daily SMA 200. The bullish close also printed a higher high which confirms further upside. More bullish pressure is seen in today’s trading session. Gold prices are expected to continue moving upward to target $1,850 resistance level next.

Today critical levels to watch:

Support: $1,780, $1,700, $1,680

Resistance: $1,800, $1,850

Silver return above the yellow box area

Last week, silver prices were under pressure and tested the bottom of the yellow box area. The price made a bullish reversal pattern after the test and managed to close the week above the yellow box area. This week, the price looks moving upward above and set to target $25.00 – $26.00 area. If the price could close above $26.00 then the long-term bullish trend is set to continue.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil return to $82.72

Crude oil prices made a bullish reversal before it could reach the $77.13 support level. The price keeps pressuring to the upside, looking for a breakout above the $82.72 and $85.00 resistance level. Will the price continue its bullish movement or will it start moving lower again to retest $77.13? Traders will continue to hold long positions and add more long positions when a retest of $77.13 happens.

Today critical level to watch:

Support: $77.13

Resistance: $82.72, $85.00, $90.00