Gold return above $1,900

The precious metal building bullish pressure above the $1,900 resistance level. At the current time, it is attempting to breakout above the bearish engulfing high. If gold prices could close above the pattern high then traders will expect a bullish continuation toward the $1,950 and $2,000 resistance level.

Today critical levels to watch:

Support: $1,900, $1,850, $1,800, $1,780

Resistance: $1,950, $2,000

Silver continues consolidation

No bearish continuation below the bearish engulfing pattern, instead, silver prices currently trade near the pattern high. If there is a bullish breakout above the pattern then traders will expect silver to target the $25.00 – $26.00 area. On the other hand, if the price loses its upward momentum and breakout below the bearish pattern low then it will target $21.35 and $20.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil looking to start new bullish leg

Crude oil managed to hold out above $38.50 – $40.00 area and consolidate near it. There are bullish follow-through and attempt to break out above the previous week high. If the price could continue moving upward then we might see the price to target August – September high.

However, if the price loses its bullish momentum then it is expected to continue the consolidation near $38.50 – $40.00.

Today critical level to watch:

Support: $38.50, $33.00, $30.00

Resistance: $40.00, $49.00, $50.00