Gold resumes bullish movement

Gold prices continue to maintain the bullish pressure as the U.S. dollar index loses grip of its bullish pressure. The price will continue the upward movement and attempt to print more record highs. There is no change to the bullish outlook and traders will continue to hold onto long positions. If the price started another bearish correction then traders could use the green box area as a place to add more long positions on bullish reactions. The first bullish target might be reached soon at $2,611.73.

Today’s critical levels to watch:

Support: $2,530, $2,500, $2,400

Resistance: $2,611

Silver breakout above the trendline?

A bearish rejection happened yesterday in silver prices after the Fed interest-rate announcement. Despite the situation, silver prices resumed the bullish movement and erased all of the losses today. We could see the price climb above the trendline which might confirm a bullish breakout. On the upside, a new higher swing high will confirm the continuation of the bullish trend.

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 bounced from $70.00

Crude oil added to gain today after the previous day’s bearish close. The price maintained the positions above the $70.00 handle and currently attempting to extend the bullish correction toward $77.13. As the current movement is a bullish corrective movement, traders will stay careful and aim to add short positions near the resistance level. When the price could form a new higher swing high or higher swing low, it is time to switch to a bullish scenario again. Until then, traders will maintain a bearish scenario.

Today’s critical level to watch:

Support: $70.00

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