Gold return to $1,780 – $1,800?

Gold prices erased its losses last week and closed the week on the positive side. The price might continue its upward movement and retest the $1,780 – $1,800 area also the daily SMA 200. As long as the price stays below SMA 200 the trend is bearish.

Traders will wait for bullish confirmation above the averages before jump in major long positions.

Today critical levels to watch:

Support: $1,700, $1,680

Resistance: $1,780, $1,800, $1,850

Silver gaining more ground above $21.35

Silver prices have reached the $21.35 bearish target and bounced from it. The price seems to recover most of its losses and is set to target the yellow box area. If the price could close above the yellow box area then it is set to continue upward and target $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil waiting for bullish continuation

The European energy crisis seems to fuel a rally in commodity prices. Crude oil prices will continue to benefit from the situation and challenge the $77.13 resistance level this week. If the price could breakout and close above the level then the bullish trend will continue.

Today critical level to watch:

Support: $70.00, $67.20

Resistance: $77.13