Gold stalled near $4,200

The bullish movement of gold prices stalled near the $4,200 level after rally from the $4,000. We might see the price stalled for few days but expect immediate continuation to target new record high. If the price takes longer to resume the upward movement, then there is chance of bearish reversal. No change to the bullish outlook, it is better to stick with long positions and avoid shorting.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver tested previous swing high

Silver prices aggressively higher and has reached the previous swing high. It might stall for a few days but eventually breakout higher. Traders will continue to hold long positions with stop below $50.00 or the latest swing low. On the upside, $59.40 & $65.71 will become the bullish targets to watch.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil slight bullish correction

Crude oil prices made a strong bearish close below $60.00 and the price now making a bullish correction. We expect the price to continue the downward movement to target $54.50 – $55.00 area. On the upside, a close above $62.00 will cancel the bearish outlook. Traders who has short positions will place stop order above $62.00.

Today’s critical level to watch:

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

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13