Gold bullish extension

Gold prices have not shown major bearish reaction as it put more bullish pressure. The price could continue to climb and traders will avoid shorting it. If there is significant bearish correction in the price, then traders could prepare to add long positions near the support level. Ideally, 10-30% retracement of the latest rally will provide a chance to add long positions.

Today’s critical levels to watch:

Support: $3,650, $3,500, $3,400

Resistance: $3,835

Silver more higher high

Silver prices continue the climb today and print a new higher high on the chart. There is no sign of weakness yet, the same as gold prices, silver prices could continue its climb to new high. If there is bearish correction toward $45.00 then traders will wait for bullish reaction to add long positions.

Today’s critical levels to watch:

Support: $44.357, $41.632, $40.00

Resistance: $47.07

Crude oil moving toward $60.00

Crude oil prices has confirmed a bearish breakout and continuation. The price is expected to continue the bearish movement to target $60.00 level and lower. If the price trading upward, then the previous multiple lows will act as resistance level. Traders will continue to maintain short positions for now. On the upside, retracement of half the bearish move might indicate a reversal sign. A close above $67.20 will cancel the bearish outlook.

Today’s critical level to watch:

Support: $60.00, $52.4

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