Gold stays near the top

Gold prices bounced up again and made a bullish close yesterday. The price seems will continue the upward movement and print new record highs. At the current time, the tension in the Middle East sparks concern about oil supply and economic recovery. Traders are flogging to the safe-haven assets for now. We expect gold prices to continue the upward movement but traders will prepare for a sudden bearish turn.

Today’s critical levels to watch:

Support: $2,550, $2,530, $2,500, $2,400

Resistance: $2,611

Silver climb above $31.50

Silver prices continue building bullish pressure even though the price could not close above the $31.50 level yesterday. The price currently trading above $31.50 and will attempt to close above it. In the long-term, we think silver prices could continue the bullish movement to target $35.25. However, if a bearish correction happens again then the $29.00 – $30.00 levels are the support level to watch.

Today’s Critical levels to watch:

Support: $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil building base above $70.00

Crude oil prices experience strong demand following the rising tension in the Middle East. The price returned above $70.00 but no new higher swing high printed yet. We might see the price continue to maintain the position above $70.00 for now. When the price continues the climb and prints a new higher swing high then the bullish trend will start.

Today’s critical level to watch:

Support: $67.20, $65.00

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