Gold second target on sight

Gold prices resume the bullish movement today with new record highs. The prices are on the path upward to target the second Fibonacci extension level we place. Nothing much changed since weeks ago, the trend is bullish and traders better keep holding long positions. If the price makes a bearish correction then it is a chance for traders to add more long positions at a lower level. $2,611, and $2,500 are the levels to watch as support levels.

Today’s critical levels to watch:

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

Resistance: $2,611

Silver breakout above $31.50

A major bullish breakout happened today in silver prices. Moreover, the bullish movement has strong momentum and also printed a new higher swing high. If the price could maintain its bullish pressure until the market close then traders could expect a bullish continuation for the rest of the week. However, if the price immediately reverses the bullish movement and closes below $31.50 with the same bearish momentum then the price will start moving lower again to find a support level.

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 continues near $70.00

Crude oil prices continue to be supported by the $70.00 handle but no major indication of where the price will move next. The consolidation near $70.00 might continue for now and traders will continue to observe the price reactions. If the price manages to continue the bullish movement then $77.13 will become a target for the bullish correction. When the price forms a bearish reaction near it, traders could enter short positions.

Today’s critical level to watch:

Support: $70.00

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