Gold bounce from daily SMA 200

Gold prices exiting its consolidation inside the $1,780 – $1,800 area also bounce from the daily SMA 200. If the price could maintain the bullish momentum then we might see a rally toward $1,850 for a retest. On the other hand, if gold prices make a bearish reversal and close below $1,780 then the bearish trend will resume.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,953, $2,000

Silver more consolidation inside the yellow box area

The downward movement of silver prices stopped inside the yellow box area. The price seems will continue consolidation inside the area for now. If the price could climb and close above the top of the box area then the bullish trend is set to continue. Traders will continue to maintain long positions for now at least until a close below the yellow box area happens.

Today Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil breakout below $77.13

The situation is bearish for crude oil prices as the price fall below the $77.13 level today with strong bearish momentum. It seems the price could continue moving lower and target $71.22 and $70.00 support levels next. Traders will wait for the price to stop its bearish movement before jumping in any long positions.

Today critical level to watch:

Support: $71.22, $70.00

Resistance: $77.13, $82.72