Gold continues consolidation

Gold prices pushed lower and close below $1,950 level last week. The precious metal stay inside the triangle formation and expected to continue its consolidation this week. Traders will continue monitor the price movement inside the triangle consolidation while waiting for the chance to enter long positions.

As long as the price stay above $1,900 the medium-term trend will continue bullish.

Today critical levels to watch:

Support: $1,900, $1,800

Resistance: $1,950, $2,000, $2,050

Silver set to retest $25.00 – $26.00 again?

Silver prices under pressure last week after the bearish pin bar confirmed to the downside. The price tested the level near $25.00 – $26.00 and provide an initial bounce reaction. If the price could continue to maintain its position above the $25.00 – $26.00 area then silver expected to bounce and continue upward to target $30.00 and $31.50.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00, $31.50

Crude oil reach the area $38.50 – $40.00

Crude oil prices fell with strong bearish momentum for three days. The pullback has reached the $38.50 – $40.00 area and might continue this week. If the price continue lower and close below $38.50 then traders will avoid taking long positions. At the current time, it is better to continue to observe the price reaction inside $38.50 – $40.00 area.

Today critical level to watch:

Support: $38.50

Resistance: $40.00, $49.00, $50.00