Gold to close the week above $4,000

Gold prices is set to close the week above the $4,000 level and made the first bearish close after 9 weeks of bullish closes. Traders will monitor closely the price reactions near the $4,000 level for now. If the price continues to get supported and form strong bullish reactions, then traders could expect bullish continuation. We favor another test on the $4,000 level to prove that the support level protected by strong hands.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver trading sideways

The breakout below $50.00 has no bearish follow-through yet. Silver prices mostly sideways and it might continue the movement next week. On the weekly chart, we might have a strong bearish close, which could extend another week. For now, traders will wait until the bearish correction completed and stabilize near a strong support level before add long positions.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil no higher swing high

Crude oil prices gaining significantly and tested our invalidation level for the current bearish trend. No new higher swing high printed yet, which mean it is too early to conclude anything. If the price extended the bullish movement next week above the invalidation level, then the trend will turn bullish. As for the current upward movement, we could say it is a test on the broken support level.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13