Gold more consolidation

Gold prices almost reached the $1,900 support level yesterday. However, the price managed to bounce and closed near its opening level. There is a bullish pin bar pattern now near the bottom of the triangle. If gold prices could breakout and close higher above the previous day high then the precious metal expected to continue moving upward to target $2,000.

Today critical levels to watch:

Support: $1,900, $1,800

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

Silver supported by $25.00 – $26.00 area

Silver prices made a bearish correction toward $25.00 – $26.00 yesterday. The price managed to bounce from the support area and closed near Monday low. No change to the sideway situation near $25.00 – $26.00 area for now. Traders will continue waiting for silver reaction near $25.00 – $26.00.

Today Critical levels to watch:

Support: $26.00, $25.00, $21.35

Resistance: $30.00, $31.50

Crude oil turned bearish

A close below $38.50 is a strong bearish confirmation that might be a trend changer. The price of crude oil closed below the level with strong bearish momentum. If the price attempt to move higher then traders could use $38.50 – $40.00 as the area to take short positions.

Today critical level to watch:

Support: $33.00, $30.00

Resistance: $38.50, $40.00, $49.00, $50.00