Gold Time for a bearish correction

Gold prices trading lower today and might close the day with the bearish engulfing pattern. If the bearish movement continues then the price could move lower to test $2,685 level or lower. As the long-term trend stays bullish, traders will use the bearish correction as a chance to add more long positions. Without a new lower swing low or lower swing high, it is better to avoid short positions.

Today’s critical levels to watch:

Support: $2,685, $2,600

Resistance: $2,750, $2,800, $2,841

Silver bearish reactions near $35.25

The bullish movement of silver prices almost reached the $35.25 level. It shows bearish reactions today and might continue lower to test levels around $31.50 – $32.00. Traders will use the bearish movement as a chance to add more long positions when there are bullish reactions. We expect silver prices to continue the bullish trend and target a level above $35.25.

Today’s Critical levels to watch:

Support: $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil supported by $70.00

A moderate bullish close happened yesterday but crude oil prices trade lower today. It seems the price might consolidate near the $70.00 level for now. As mentioned before, the next higher high or lower low might give a clue about the price’s next direction. In the long-term view, there is no change to the bearish trend yet. However, a close above $77.13 might change the outlook.

Today’s critical level to watch:

Support: $70.00, $67.20, $65.00

Resistance: $77.13, $80.00, $83.85