Gold retesting $1,780 – $1,800 area

Gold prices failed to breakout above the daily SMA 200 and closed below the $1,780 – $1,800 area. However, the bearish pressure seems to recede, and currently, the price is moving upward, testing the $1,780 – $1,800 area. Will gold prices manage to break out and close above daily SMA 200? Alternatively, will it continue falling and resume the bearish movement toward $1,680 – $1,700?

Today critical levels to watch:

Support: $1,700, $1,680

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

Silver pressuring the top of yellow box

No breakout from the yellow box area yet in silver prices. The price currently moving upward and testing the resistance level. If the price could breakout and close above the top of the yellow box area then the bullish movement could continue toward the $25.00 – $26.00 area. On the other hand, a close below the yellow box area might trigger a bearish continuation to retest $21.35.

Today Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil under bearish pressure

Crude oil prices upward movement limited at the $82.72 resistance level. There is bearish pressure today but no movement below the previous day’s low yet. It seems the consolidation near $82.72 will continue for now. If the price starts a bearish leg then traders could use the $77.13 support level as the place to add more long positions.

Today critical level to watch:

Support: $77.13, $70.00, $67.20

Resistance: $82.72