Gold triangle formation

Gold prices formed a triangle pattern on the daily chart and currently testing the top of the pattern. If the price could break out and close above the pattern, the bullish trend will continue and gold will target a new record high. Meanwhile, if the price get rejected, then traders could use the bottom of the triangle to enter long positions.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver strong bullish pressure

Silver prices move upward with strong momentum and soon will reach the previous swing high. The price will test it and a breakout above it will confirm a bullish continuation. Meanwhile, if the price get rejected, then traders could wait near the trend line for a chance to add long positions. We maintain a bullish outlook and will use each bearish correction in silver prices as a chance to add long positions.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil ranging between $57.60 – $60.00

Crude oil prices halted the drop and currently trading sideways between $57.60 – $60.00. We expect the price to continue the bearish movement to target the $54.50 – $55.00 area. However, if the price could climb and close above $62.00 then the trend will turn bullish again.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13