Gold bullish close

Gold prices printed a bullish close with a bullish engulfing pattern. The price might continue the upward movement and target the $1,680 – $1,700 area. Traders will continue to monitor the price reactions near the area. If the price gets rejected without a new higher high then we might see gold prices resume the bearish movement toward $1,585 – $1,600.

Today’s critical levels to watch:

Support: $1,600, $1,585

Resistance: $1,680, $1,700, $1,780, $1,800

Silver closed near $18.50

Silver prices made a bullish close above the $18.50 level which cancel the latest bearish breakdown. The price is currently under bearish pressure and retesting the level. We might see the price continue to consolidate near $18.50 for now. If the price could move higher and print a higher high then there is a chance of a bullish reversal.

Today’s Critical levels to watch:

Support: $17.73, $17.50, $16.00

Resistance: $18.50, $20.00, $21.35

Crude oil bounced from $77.13

Crude oil prices stage a bullish bounce and closed as a bullish engulfing pattern yesterday. The price might continue the upward movement and test the $85.00 resistance level. When the price tests the level and there is no higher high printed then traders could enter short positions with $77.13 as the target.

Today’s critical level to watch:

Support: $77.13

Resistance: $80.00, $85.00, $90.00, $95.25