Gold new record high

Gold prices is nearing the $4,000 key level, which might be reached this week. There is no change to the bullish situation of the price, which mean better to avoid shorting. Traders will keep holding long positions and wait for a major bearish correction. Traders who has no position will stay sideline for now.

Today’s critical levels to watch:

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

Resistance: $3,835

Silver getting near $50.00

Silver prices extended the bullish movement above the 161.8% Fibonacci Extension target. It is currently sit at $48.50 and not far from the $50.00 level. If there is no major bearish correction in the price, traders could expect the price to reach the $50.00 soon. As the price keep printing new higher high, there is no confirmation of bearish reversal and the price could continue move higher.

Today’s critical levels to watch:

Support: $44.357, $41.632, $40.00

Resistance: $47.07

Crude oil slight bullish bounce

Crude oil prices make a reversal not far from the $60.00 handle. The price trading upward and currently sit near the broken multiple lows. Will the price get rejected and resume the bearish movement to test the $60.00 and $57.60 level? Alternatively, will it move upward and retest the $65.00 level again?

Today’s critical level to watch:

Support: $60.00, $52.4

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