Gold closed near $1,850

Gold prices launched upward after hotter than expected inflation in the U.S. The CPI data recorded a 0.9% increase compared to the 0.6% expectation. There is bullish follow-through today above the $1,850. If the situation is unchanged then traders will expect gold prices to continue its upward movement to target $1,953 and $2,000.

Today critical levels to watch:

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

Resistance: $1,953, $2,000

Silver reached the $25.00 – $26.00 area

Silver prices trading upward, following gold prices movement. The price has reached the $25.00 – $26.00 area and will test it for now. If the price could breakout and close above $26.00 then the long-term bullish trend will continue. We think the current fundamental situation where inflation will continue moving up, supporting further appreciation of price and traders might want to avoid short positions.

Today Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil bearish rejection from $85.00

Crude oil prices got rejected from the $85.00 resistance level for the third time. The price looks trading lower today but managed to recover above the opening level. No lower swing low printed which means there is no change to the bullish outlook yet. If the price could build more bullish pressure from the current level then a bullish breakout above $85.00 inevitably will happen.

Today critical level to watch:

Support: $77.13

Resistance: $82.72, $85.00, $90.00