Gold target daily SMA 200

The price of gold has not been able to escape the bearish pressure where the price continues to move lower. If there is no change in the situation, the gold price will test the daily SMA 200 point soon. Traders will wait for a bullish reaction from the daily SMA 200 point for opportunities to enter long positions. A bounce from the daily SMA 200 and a close above $1,953 would confirm the start of a new bullish run.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver return inside $23.00 – $23.90

Silver price continued its weakness and entered the $23.00 – $23.90 area. It seems that the ongoing weakness has the potential to continue towards $23.00. Consolidation will take place within the area and traders can exploit the bottom of the area to enter long-position. The direction of the next long-term movement will be determined by the formation of a higher swing high point or a lower swing low point.

Today’s Critical levels to watch:

Support: $23.00, $21.35, $20.00

Resistance: $23.90, $25.00, $26.00

Crude oil continue upward

Production cuts by Saudi Arabia and Russia caused world oil prices to rise. Apart from that, oil reserves in the U.S. are running low which is driving up current prices. Crude oil prices have formed a higher swing high point and are expected to continue their bullish movement. Traders should wait for a bearish correction to enter a long position.

Today’s critical level to watch:

Support: $80.00, $77.13, $70.00, $65.00

Resistance: $85.00