Gold on track to target

Gold prices bullish movement continue with strong momentum after consolidation near the 127.2% Fibonacci Extension level. As the price move upward to target the 161.8% Fibonacci extension, there is nothing to do aside from continue holding long positions. It seems there is not much room for bearish correction to add more long positions. After the target completed, we want to see impulsive movement and major bearish reversal. Otherwise, just keep holding long positions and trim near target or round numbers.

Today’s critical levels to watch:

Support: $3,500, $3,400

Resistance: $3,650, $3,835

Silver to reach $44.357

At the current time, the price sitting at $44.00 just a little bit more from the $44.357 target. The trend is bullish and there is no sign for bearish reversal. The same situation as gold prices, traders could take partial profit near the target and hold the rest with stop below latest swing low. The latest swing low located at $41.12.

Today’s critical levels to watch:

Support: $41.632, $40.00, $38.80, $35.25

Resistance: $44.357

Crude oil moving lower

Crude oil prices stay under bearish pressure after the rejection from $65.00 resistance level. The price might continue lower to target the $60.00 level and the $54.50 – $55.00 area. On the upside, a new higher swing high above $65.00 could become the signal of early bullish reversal. As long as the price continue printing new lower swing low and lower swing high, it is better to stick with bearish scenario.

Today’s critical level to watch:

Support: $60.00, $52.4

Resistance: $65.00, $67.20, $70.00, $77.13