Gold sideways situation

Gold prices experienced bearish pressure yesterday but did not form a lower swing low point. In general, the swing high and swing low points of the gold price have narrowed again, resulting in a sideways situation. Gold prices are likely to move sideways for now while waiting for confirmation of the next direction of movement. If the decline continues then traders can wait at the Fibonacci Retracement level for long position opportunities.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance: $2,400

Silver resumes bearish movement toward $25.00 – $26.00

Silver price is on a bearish path towards the $25.00 – $26.00 area. Price has a big chance of testing this area and traders will wait for a bullish reaction. When the pair gives a bullish reaction, traders can enter a long position with the target of forming a higher swing high point. However, if the price falls and closes below $26.00 then there is a risk that the trend direction will change bearish for a while.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $29.00, $30.00, $31.50, $35.25

Crude oil bullish pressure

The decline in crude oil prices is predicted to reach $70.00. However, for now, the price has reversed upwards and has the opportunity to move towards $77.13. Traders can wait near the $77.13 level for a bearish reaction. When a bearish reaction occurs traders can enter a short position. The formation of a higher swing high or a close above $80.00 will invalidate the bearish scenario.

Today’s critical level to watch:

Support: $70.00

Resistance: $77.13, $80.00, $83.85, $85.00, $90.00