Gold is back on a bullish track

Gold prices continue building bullish momentum after the bounce from $2,530 – $2,550 area. The price closed above $2,685 last week and there is no single bearish day. Under the current situation, traders who bought near the $2,530 – $2,550 area will continue to hold the positions with a target of a new record high. The same as before, any bearish correction in the price is a chance for traders to add more long positions at a lower level.

Today’s critical levels to watch:

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

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

Silver hovering near $31.50

Silver prices slowly turn bullish after the bounce from the $30.00 handle. The price moved upward and reached the $31.50 level. At the current time, the price will continue testing the level and seek to break out above it. When the price breaks and closes above $31.50, traders will get confirmation of a bullish continuation. On the lower side, when the price closes below $30.00, it might be a confirmation that the trend has changed again to bearish.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil closed above the trendline and $70.00

Crude oil prices reclaimed the $70.00 handle and closed above the bearish trendline. It seems the price could continue the bullish movement to target a new higher swing high. When the price could print a new higher swing high, it will confirm a bullish reversal. Meanwhile, if the price falls below $70.00 and prints a new lower swing low then the situation could turn bearish again.

Today’s critical level to watch:

Support: $67.20, $65.00

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