Gold more consolidation

The bearish pressure at the beginning of the week has no continuation. Gold prices might close the week near the current level and continue its consolidation in the coming week. At the current time, the price is trading inside the $1,850 – $1,900 area. We will wait for a breakout to determine next major trending movement.

Today critical levels to watch:

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

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

Silver tight consolidation

Not much movement in the silver prices yet as the price range continue to contract. Will the price move higher to retest $25.00 – $26.00 resistance area again? Alternatively, will it continue the bearish movement and target $21.35 and $20.00 support levels?

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil slowly move lower toward $40.00

Gold prices failed to close above September – October high and currently start a bearish movement toward the $40.00. No touch on the level yet but it seems the price might restart its bullish movement with or without any touch on $40.00.

Traders could use the $40.00 handle as the level to look for long positions.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00