Gold resuming bullish trend

Gold prices continue the bullish movement with moderate momentum after the release of U.S. inflation data. Traders will assume that the current bullish movement could print a new record high. No change to the previous outlook, whenever gold prices started a bearish correction, traders could use it as a chance to add more long positions.

Today’s critical levels to watch:

Support: $2,550, $2,530, $2,500, $2,400

Resistance: $2,611

Silver trading near $31.50

Silver prices traded upward and managed to reach the $31.50 resistance level. We expect the price to continue the long-term bullish trend and target a new higher swing high. If the price turns lower again then it might continue lower to target the $29.00 level. Traders will continue to use the bearish movement as a chance to add more long positions.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $35.25

Crude oil neutral

The movement of crude oil prices is mostly inside the $70.00 – $77.13 now. No breakout from the range yet but it seems the bull keeps building more bullish pressure. Will the price breakout and close above $77.13 to continue the bullish trend? At the current time, traders will wait for a close outside of the range to confirm the price’s next direction.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85