Gold bullish engulfing reaction

Gold prices formed a bullish engulfing pattern after the test on the $1,850 support level. The precious metal currently trading near the pattern high, waiting for the catalyst to move. If the price breakout higher then traders will assume gold will test the $1,900 resistance level.

Without a breakout outside of the $1,850 – $1,900 area then gold prices are expected to continue trading inside the range.

Today critical levels to watch:

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

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

Silver start a bullish bounce

We have a bounce from near the $21.35 level. Silver prices closed higher yesterday and opened the path to move further higher. If the price could reach $25.00 – $26.00 area then traders will observe the price reaction. When there is a major bearish reaction, traders could enter short positions.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil mostly sideways near $38.50 – $40.00

Not much reaction yet from the $38.50 – $40.00 area. Crude oil prices continue trading near the level and waiting for the trigger to move. Similar to the previous analysis, we think crude oil will eventually move higher in the long-term when the coronavirus pandemic is resolved.

Today critical level to watch:

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

Resistance: $49.00, $50.00