Gold rejected from $1,950

Gold prices unexpectedly rejected from the $1,950 resistance level and made major bearish close yesterday. Practically, the bearish movement erased 1-week worth of bullish movement. At the current time, the price is attempting to move higher and test the $1,900 level.

If there is further bearish rejection and movement below $1,850 then traders will prepare for bearish movement toward the $1,780 – $1,800 area.

Today critical levels to watch:

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

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

Silver closed below $25.00 – $26.00

Silver prices were rejected from the $25.00 – $26.00 area and closed lower yesterday. Fortunately, there is no lower low printed on the chart which means there is a chance for the price to start moving higher again. If the price could move higher and breakout above the $25.00 – $26.00 area then traders will prepare for further bullish movement.

On the other hand, if a lower low printed on the chart then silver set to target $21.35 and $20.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil more bullish close

Crude oil price movement currently returns near the $38.50 – $40.00 and is expected to continue trading near it. If the price continues its bullish movement then traders will observe October high. We expect the price to continue building bullish pressure as the economy recovers.

Today critical level to watch:

Support: $38.50, $33.00, $30.00

Resistance: $40.00, $49.00, $50.00