Gold moving toward the second target

The bullish movement of gold prices continues today and getting near the second Fibonacci extension level. Nothing changed on the bullish trend of gold prices. Traders will continue to hold long positions while expecting a bearish correction in the price. When the price makes a bearish correction toward the support level, traders could add more long positions. On the lower side, the area between $2,530 – $2,550 is the major support area to watch for bounce reactions.

Today’s critical levels to watch:

Support: $2,550, $2,530, $2,500, $2,400

Resistance: $2,611

Silver trading above $31.50

Silver prices have climbed above $31.50 and now looking to add gain and breakout above the previous swing high. The trend is bullish and there is no reason to enter short positions. On the upside, $35.25 will become the bullish target to watch when a breakout happens. On the lower side, $30.00 is the support level to watch for bounce reactions. We think the price will maintain the position above $31.50 and extend the bullish movement from the level.

Today’s Critical levels to watch:

Support: $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil resumes a bearish trend

Crude oil prices could not maintain its position above $70.00 and now continue the bearish movement to target a new lower swing low. In the latest bullish attempt, the price printed a new lower swing high which means there is no change to the bearish trend. Traders will observe the price reactions near $65.00 if it manage to reach the support level.

Today’s critical level to watch:

Support: $70.00

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