Gold moving toward $1,780 – $1,800

Gold prices building bullish pressure after the release of U.S CPI data. The CPI number came out softer than expected which lead the market to believe that the Fed will slow down its interest-rate hike plan. Gold prices soon will reach the $1,780 – $1,800 area and the daily SMA 200. Traders will monitor the price reactions at the resistance level. If the price gets rejected then traders could enter short-term short positions while waiting near $1,680 – $1,700 for a chance to enter long positions.

Today’s critical levels to watch:

Support: $1,600, $1,585

Resistance: $1,680, $1,700, $1,780, $1,800

Silver closed above $21.35

We have bullish confirmation in silver prices after the close above the $21.35 resistance level. The price could continue further upward to target $23.00 and $23.90 resistance levels. If the price starts moving lower again then traders will wait near $21.35 or $20.00 for the chance to enter long positions.

Today’s Critical levels to watch:

Support: $20.00, $18.50, $17.73

Resistance: $21.35

Crude oil bounced from $85.00

Crude oil prices range span between $85.00 – $95.25 and the price will continue the ranging movement after yesterday’s bounce from the $85.00 level. At the current time, the price getting near the $90.00 level, and will test it. As long as there is no breakout and close outside of the range, traders could continue to apply the range trading strategy.

Today’s critical level to watch:

Support: $85.00, $80.00, $77.13

Resistance: $90.00, $95.25