Gold trading flat

Gold prices trading upward today but mostly unchanged since yesterday. The price might continue to stick near the record high and will attempt to extend the bullish movement. Will the price immediately continue the bullish movement and print a new record high? Alternatively, will it turn lower again and test the support level before further upside?

Today’s critical levels to watch:

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

Resistance: $2,611

Silver stick near $31.50

Silver prices experience bearish rejection from the $31.50 level but continue to close the day not far from the resistance level. The price might continue to stick near the resistance level for now and traders will wait for reactions. If the pair could break out and close above the level with strong bullish momentum then the bullish trend will continue. We think there is less chance for bearish movement toward $29.00. But if it happens then traders could continue to use the chance to add more long positions.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $35.25

Crude oil testing $70.00

Crude oil prices resumed the bearish movement after the rejection from $77.13 and managed to reach $70.00. The price is testing the support level and will wait for reactions. If the pair could bounce from the level then it will consolidate between $70.00 – $77.13 as mentioned before. However, if a bearish breakout and new lower swing low printed then the bearish trend will continue.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85