Gold waiting for a further reaction at $1,850

There was bullish reaction from the $1,850 support level. However, gold prices settled inside the Thursday range which mean the situation is neutral. This week, traders will continue observe the precious metal reaction near the $1,850. If gold prices continue lower then traders will anticipate long positions near the $1,780 – $1,800.

On the other hand, if a bullish bounce happens then $1,900 will become the first resistance to watch.

Today critical levels to watch:

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

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

Silver awaiting bullish confirmation

Last week, silver managed to bounce from the level near $21.35 and formed a bullish pin bar pattern. The pattern has not been confirmed to the upside yet. Silver closed inside the pin bar pattern range in the Friday trading session. This week, traders will wait for a bullish breakout above the pattern high to confirm the bullish movement toward $25.00 – $26.00.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil stick near $38.50 – $40.00 area

Crude oil continues its consolidation near the $38.50 – $40.00 area and is expected to extend the consolidation this week. No change yet to the outlook for now and traders will continue waiting for further development. We think the price will continue to maintain its positions above $38.50 and start moving up when the economy shows recovery.

Today critical level to watch:

Support: $40.00, $38.50, $33.00, $30.00

Resistance: $49.00, $50.00