Gold resumes bullish movement

Gold prices bounced from the $2,530 – $2,550 area and now almost reached the $2,685 resistance level. The price might attempt to break out and continue the bullish movement to target a new record high. However, a sideways movement might happen near the $2,685 level before the next action. Traders could take partial profit near the level. If the price trades lower again from the level then a new lower swing high will be printed. A new lower swing low below the green box area might reverse the current bullish trend.

Today’s critical levels to watch:

Support: $2,600, $2,550, $2,530

Resistance: $2,685, $2,750, $2,800, $2,841

Silver rejection from $31.50

Silver prices were slightly lower after it reached the $31.50 resistance level. The price might consolidate below the level and look for a breakout above it. If the bearish movement continues then traders could expect a downward movement to test and retest the $30.00 handle. Silver prices need to print a new higher swing high to confirm the continuation of the bullish trend. If the price resumes the bearish movement and prints a new lower swing low then the trend could turn bearish.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil testing $70.00 and trendline

Crude oil prices recovered after the bounce from $67.20 and currently trading near the $67.20 level. The price also testing the bearish trendline and will attempt to breakout above it. If the price could breakout above the trendline, and print a new higher swing high then the trend could turn bullish. However, if the price get rejected with strong bearish reactions then traders could expect another bearish attempt to target the level below $67.20.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85