Gold new record high

Gold prices continue climbing and print new record high. The price could continue upward and as it continue to print new higher high each day, it is better to keep holding long positions. When the price turn lower and form new lower low, then it might be the time to scale out of position. A correction of 10-30% might happen when gold prices start a significant bearish correction.

Today’s critical levels to watch:

Support: $3,500, $3,400

Resistance: $3,650, $3,835

Silver new higher high

The situation in silver prices is the same as in gold prices. New higher high printed each day, which mean there is no reason to turn bearish yet for now. When the price finally forms a swing high and start moving lower, it is the time to start analyzing again. Under the current situation, traders will let the price continue upward to test the 2011 high.

Today’s critical levels to watch:

Support: $44.357, $41.632, $40.00

Resistance: $47.07

Crude oil breakout?

Crude oil prices under bearish pressure and currently trading near the multiple lows. If the price could break out below the lows, then traders will expect continuation toward the $60.00 level. We maintain bearish outlook on the price for now. On the upside, if the price could close above $67.20 then the trend might turn bullish.

Today’s critical level to watch:

Support: $60.00, $52.4

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