Gold heading toward daily SMA 200

Gold price’s bounce from $1,900 saw a further bullish reaction. The price is now moving up and trading near the daily SMA 200 point. If the price can continue its strengthening and then make a close above the daily SMA 200 then the bullish trend can continue. For now, traders who have entered long positions will maintain these positions while observing the reaction of gold prices near the averages.

Today’s critical levels to watch:

Support: $1,900, $1,850

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

Silver return above $23.00

No lower swing low point was formed and gold price showed a bullish reaction after testing the previous swing low point. The price has also returned above the $23.00 mark with quite good bullish momentum. If there is no change in the pattern, silver prices have the potential to continue their strengthening towards $23.90 and also the $25.00 – $26.00 area.

Today’s Critical levels to watch:

Support: $21.35, $20.00

Resistance: $23.00, $23.90, $25.00, $26.00

Crude oil more bullish continuation

The bullish train has been running and there are no signs of stopping any time soon. Traders can only wait for a bearish correction in crude oil prices to get the opportunity to enter a long position. Oil reserves in the U.S. are at their lowest point in 40 years, which is strong confirmation that the bullish trend in crude oil prices has not ended yet.

Today’s critical level to watch:

Support: $85.00, $80.00

Resistance: $90.00, $95.00