Gold bounce from $1,953

The bearish bounce occurred from a point near $2,000 and gold prices fell to test the support point of $1,953. The price situation seems to indicate a bullish reaction and the possibility of a continuation of the upward movement. If the price can immediately move up and close above $2,000 then the bullish trend can continue. Conversely, if the price is stuck below it then consolidation will take place between $1,953 – $2,000.

Today’s critical levels to watch:

Support: $1,900, $1,850, $1,800

Resistance: $1,950, $2,000, $2,069, $2,074

Silver bounce from $23.00

The close above the $23.00 point did not last long as silver prices were pushed back below that point. Even though it is bearish, silver prices managed to recover in today’s trading and returned to the opening point. If the price can continue strengthening and close above $23.00 then there is a chance of an increase towards $23.90.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil closed above $90.00

Crude oil prices fell with quite a strong bearish momentum to below $85.00 today. This bearish movement has a chance to continue towards the $77.13 point next. Traders can wait near the $77.13 point for a bullish reversal opportunity and enter long positions.

Today’s critical level to watch:

Support: $85.00, $80.00

Resistance: $90.00, $95.00