Gold bullish continuation

Gold prices continue the upward movement today after the bounce from the green box area. The price looks will attempt to print new record highs and traders who already have long positions from the green box area will continue to hold the positions. As mentioned before, when the price starts a bearish correction, it is time for traders to continue accumulating long positions.

Today’s critical levels to watch:

Support: $2,500, $2,400, $2,143

Resistance: $2,530, $2,611

Silver bullish attempt

Silver prices building bullish pressure to test the $29.00 handle. The price will attempt to break above the level and the bearish trendline. If the pair could break out from both resistances then the bullish trend could continue. On the lower side, the $25.00 – $26.00 area continues to become the area to watch as support levels.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil close below $70.00

Crude oil prices printed a new lower swing low and closed below the $70.00 handle. The price might stick near the $70.00 handle for now and traders will monitor the price reactions. We think the price will continue the bearish movement with $70.00 as resistance level. However, an upward bounce might happen too before further weakness. Traders could use the upward movement in crude oil prices as a chance to enter short positions.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00