Gold bullish reaction at daily SMA 200

U.S. inflation figures which continue to fall provide good news for the market where the U.S. dollar index experienced a sharp decline today. Gold prices also experienced a bounce reaction from the daily SMA 200 and rose with a quite strong momentum today. It seems that the bullish trend will continue and traders who have entered long positions near the daily SMA 200 can maintain these positions with a target above the $2,000 point.

Today’s critical levels to watch:

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

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

Silver return to $23.00

The price of silver was also experiencing an increase, which is now trading near $23.00. There is a chance that today’s rally could extend towards $23.90 and then to the $25.00 – $26.00 area. Traders who already have long positions can hold them for now.

Today’s Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil moving away from $77.13

The price of crude oil has increased from $77.13 and will try to continue its bullish trend. As long as the price continues its increase and does not fall to form a lower swing low point, the trend direction can return to bullish. However, if the price falls to form a lower swing low point then the bearish situation will still continue towards $70.00.

Today’s critical level to watch:

Support: $70.00

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