Gold bullish reaction at daily SMA 200

A decline below the daily SMA 200 level occurred today in gold prices but the decline quickly lost its bearish momentum. Gold price is currently trading above the opening point and has a chance to bounce up. If the price can move up and then close above $1,953 and $2,000 then the bullish trend can continue immediately.

Today’s critical levels to watch:

Support: $1,900, $1,850, $1,800

Resistance: $1,950, $2,000, $2,069, $2,074

Silver continues under bearish pressure

Bearish pressure is still ongoing on silver prices which are now dropping to test the horizontal line. Silver price will wait for further reaction whether it falls towards $21.35 or turns up above $23.00. Traders can take advantage of the current situation for long position opportunities when the bearish pressure subsides.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil sticks near $77.13

The downside target has been achieved in crude oil prices and prices appear to be moving flat near that point. If the price can bounce up strongly then there is a possibility that the trend direction will change to bullish again. For the time being, traders will wait for a reaction near the $77.13 point. If the decline continues then the $70.00 point is the next downside target.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $85.00, $90.00