Gold continues testing the $1,800 support level

Gold prices made a neutral close yesterday which indicates further consolidation near the $1,780 – $1,800 area. The price currently moves higher but is limited below the previous day’s high. Traders will continue waiting for the final result of the consolidation. Will the price bounce and restart its bullish trend? Alternatively, will it close below the daily SMA 200 and continue its bearish movement toward $1,680 or $1,500?

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,900, $1,950

Silver continues testing the bottom of the triangle

No breakout yet in the silver prices which currently stick near the bottom of the triangle. Traders will observe the price reaction from the bottom of the triangle for now. If the price could close outside of the triangle pattern then traders will expect further bearish continuation toward $21.35 and $20.00. On the other hand, a bounce from the current level will lead the price to continue its ranging movement.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Does crude oil start a bearish correction?

The price of crude oil experience a bullish rally from $40.00 toward $45.00. At the current time, the price is under bearish pressure and looking to close below the previous day’s low. If a bearish correction started then crude oil might move as low as the horizontal level shown on the daily chart. Traders could consider entering long positions near the level when the price reaches it and there is a bullish reaction.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00