Gold bullish reaction from $1,850

The bearish pressure on gold prices managed to bring the price down to reach the $1,850 support level. We have a bullish reaction from the support level but gold might continue to stick near the level until the end of the week. The precious metal range is expected to span between $1,850 – $1,900 now.

Similar to the previous analysis, if the bear could continue mounting pressure then we might see gold move lower toward $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver bullish pin bar close

Silver price bounced from the level near $21.35. The price closed as a bullish pin bar which means bullish reversal might happen. However, traders might want to treat the current bullish reaction as a temporary reaction. If the bear could push the price down and close near $21.35 at the end of the week then silver could continue its bearish movement toward $20.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil stays inside $38.50 – $40.00

No major development in crude oil prices movement. The price initially climbed above $40.00 but at the end of the day, it settled inside $38.50 – $40.00 area. Crude oil is expected to continue its consolidation inside the $38.50 – $40.00 for now.

Today critical level to watch:

Support: $38.50, $33.00, $30.00

Resistance: $40.00, $49.00, $50.00