Gold rejected from the level near $2,000

Gold moving bullishly at the start of this week and managed to reach the level near $2,000 before getting rejected yesterday. The price closed near the opening level and formed a bearish pin bar pattern. No bearish continuation yet today.

We think gold prices will consolidate between $1,950 – $2,000 with a bullish bias. However, if the price could close below $1,950 then traders will expect bearish correction toward $1,900

Today critical levels to watch:

Support: $1,950, $1,900, $1,800

Resistance: $2,000, $2,050

Silver bearish pin bar close

Silver prices extended its bullish movement yesterday but could not close the day on the bullish side. The price closed near the opening level and formed a bearish pin bar pattern. At the current time, the price is consolidating inside the previous day range.

If silver prices close below the previous day low then traders will expect a bearish correction toward $25.00 – $26.00. On the upside, if the price continues its bullish movement then it will target $30.00 and $31.50.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00, $31.50

Crude oil looking for a bullish breakout

Crude oil prices consistently move higher though slowly. The price currently trading near the previous month high and looking for a bullish breakout. Traders who has long positions will continue to hold the positions while observing the reaction near the current level.

If the price make bearish correction toward $38.50 – $40.00 then traders could consider entering long positions.

Today critical level to watch:

Support: $40.00, $38.50

Resistance: $49.00, $50.00