Gold waiting for more bullish momentum

Gold prices experienced a bullish situation after the weakening of the U.S. dollar index. Strengthening is still expected and will soon test the $2,000 mark. Traders who already have a long position when the support point test occurs can maintain that position at this time. However, if the price of gold fails to make a higher swing high point and falls to print a lower swing low point, then a bearish trend will take place.

Today’s critical levels to watch:

Support: $1,950, $1,900, $1,850, $1,800

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

Silver waiting for the test on $23.90

The test of $23.90 has not resulted in a close above it. Silver price is now trading between $23.00 – $23.90 and will wait for a close outside this area. When the price succeeds in forming a close outside the area, traders will get confirmation of the direction of the next movement. Broadly speaking, the chances of the bullish continuation are higher at the moment with the $25.00 – $26.00 area as the next upside target.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil bullish recovery

After a sharp decline, crude oil prices are expected to continue weakening towards the $70.00 mark. However, crude oil prices managed to recover at the end of last week’s trading. The price is likely to continue rising to test the $77.13 level. If the price can make a close above $77.13 and form a higher swing high then there is a chance of continuation of the bullish trend.

Today’s critical level to watch:

Support: $70.00

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