Gold more sideways action

The release of U.S job data last week show a mixed result. Non-farm employment missed by a wide margin while the unemployment rate improved compared to the previous report. It seems the market is undecided on the next step the Fed will take and it reflects in the price action.

Gold prices managed to reach $1,780 but got rejected from the resistance level. If the price continues moving lower then it will target $1,680 -$1,700 area. On the upside, a close above daily SMA 200 is needed to confirm bullish continuation.

Today critical levels to watch:

Support: $1,700, $1,680

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

Silver stuck below the yellow box area

Similar to the gold prices movement, silver prices tested the yellow box area and could not break out above it. The price seems will continue moving sideways near below the area and waiting for further reaction. A close above the yellow box area will confirm a bullish continuation toward the $25.00 – $26.00 area. On the other hand, a rejection from the area might trigger a bearish movement to retest $21.35.

Today Critical levels to watch:

Support: $21.35, $20.00

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

Crude oil charging upward

Crude oil prices continue its bullish movement at the beginning of the week and have surpassed the previous week’s high. The price is expected to target the $82.72 resistance level. Under the current situation, traders will continue to hold long positions and avoid short positions.

Today critical level to watch:

Support: $77.13, $70.00, $67.20

Resistance: $82.72