Gold sideways

The long-term trend of gold prices is bullish. But the price has been stuck this week. It might resume the bullish movement immediately and reach new record high. Alternatively, the price also might start another bearish correction targeting the $2,789 – $2,800 area. Despite the situation, it is better to avoid shorting the price and keep looking for long positions when the price start moving lower.

Today’s critical levels to watch:

Support: $2,900, $2,800

Resistance: $2,981, $3,000

Silver might turn lower

Silver prices under bearish pressure after the rejection from the bottom of channel. The long-term trend is bullish, and a bearish correction toward $31.50 is a chance for traders to add more long positions. No change to the long-term outlook, we see the price will climb toward $35.25 resistance level before a major bearish correction.

Today’s Critical levels to watch:

Support: $30.00, $29.00

Resistance: $31.50, $32.50, $35.25

Crude oil stuck near $67.20

The bounce from $65.00 support level brought crude oil prices higher. It managed to climb above $67.20 initially but pushed back below it now. The price might consolidate near the $67.20 until the weekly close. Overall, the trend is bearish and no new lower low below $65.00 yet. When the price form a new lower swing low below $65.00, it will confirm bearish continuation.

Today’s critical level to watch:

Support: $67.20, $65.00

Resistance: $70.00, $77.13, $80.00, $83.85