Gold no bearish correction yet

The upward movement of gold prices continues today with new record highs. The price will continue its bullish movement to print a new record high, and traders with long positions will hold the positions for now. If the price starts a new bearish correction, traders could wait near $2,685 for bullish reactions. When there is a bullish reaction, traders could add more long positions.

Today’s critical levels to watch:

Support: $2,685, $2,600

Resistance: $2,750, $2,800, $2,841

Silver nearing $35.25 target

Silver prices are moving upward with strong bullish momentum today. The price almost reached the $35.25 level, where a profit-taking action might happen. There has been no change to the bullish outlook, so traders who hold long positions below $31.50 will continue holding them now. When the price starts a bearish correction, traders could wait near $32.50 and $31.25 for a chance to add more long positions.

Today’s Critical levels to watch:

Support: $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil bounced from $70.00

Crude oil prices found support near the $70.00 level and started a bullish bounce today. The price maintained the $70.00 – $77.13 range without a new lower swing low. This means there is a chance of upward movement to test the $77.13 and continuation of ranging movement between $70.00 – $77.13. The long-term trend continues to be bearish as the price forms a lower swing high. However, there is a change in the short-term trend as the price formed a higher swing low.

Under the current situation, the next higher swing high or lower swing low will determine the next direction.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85