Gold testing the $1,800 support level
The bearish pressure on gold prices has brought the price to reach the $1,800 support level yesterday. No bounce reaction yet at the current time. Traders will wait for a further reaction from the $1,780 – $1,800 area and the daily SMA 200. If a bounce happens then gold prices might start moving higher and attempt to reverse its current bearish trend.
However, if a breakout happens then gold prices might continue lower to target $1,550 and $1,680 in the long-term.
Today critical levels to watch:
Support: $1,800, $1,780
Resistance: $1,850, $1,900, $1,950
Silver testing the bottom of the triangle
Silver prices pushed lower and closed near the bottom of the triangle formation. The price currently testing the support level and looking for a breakout below it. No conclusion yet, traders will wait for either bounce or breakout from the level. If a bearish breakout happens then silver will target $21.35 and $20.00. On the other hand, if a bounce happens then silver prices are expected to continue consolidation inside the triangle formation.
Today Critical levels to watch:
Support: $21.35, $20.00
Resistance: $25.00, $26.00
Crude oil on the path higher
Crude oil breakout above the September – October high and July high. The price currently moving upward with strong bullish momentum and set to target $49.00 and $50.00 resistance levels. Without any major change, traders could continue to hold long positions in crude oil.
Today critical level to watch:
Support: $40.00, $38.50
Resistance: $49.00, $50.00