Gold resume bullish trend

It seems gold prices has started a new bullish leg with strong upward movement from the $4,000 level. The bearish correction did not reach the green box area but traders who enter at $4,000 could hold the position now with a stop below the latest swing low. On the upside, previous record high is the target and after that $4,670.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver return above $50.00

Silver prices move to the upside and reclaim the $50.00 handle. The price grazed the green box area and turn higher without looking back. Traders who entered long positions will place stop order below $45.50. Ideally, the price continues upward and immediately print new higher swing high. Traders will watch the daily closing level, a close above $50.00 will confirm that the bull has control.

Today’s critical levels to watch:

Support: $47.07, $44.357

Resistance: $50.00, $55.00

Crude oil stick near $60.00

Crude oil prices could not print new higher swing high, but there is no strong bearish pressure too. The price is currently trading near the $60.00 handle and might consolidate near it. If there is bearish continuation, then the $54.50 – $55.00 area is the bearish target. On the upside, a close above $62.00 might turn the trend bullish.

Today’s critical level to watch:

Support: $60.00, $57.60, $55.00, $54.50, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13