Gold bearish attempt

The breakout from consolidation range, brought gold prices higher, but it experiences selling today. The selling practically erased all the yesterday’s gain and might trigger further weakness. Despite the situation, as long as the price stay above the breakout level, then the bullish trend could continue. Traders will wait until the bearish pressure subside to add more long positions in gold.

Today’s critical levels to watch:

Support: $3,350, $3,250, $3,200, $3,150

Resistance: $3,400, $3,500

Silver hanging near high

Silver prices made a bullish attempt today, but it look like losing the bullish pressure. The price might consolidate again near the current level before continuing the bullish movement. On the upside, $40.00 is the target to watch. Next, the 161.8% Fibonacci extension at $40.757 might become the final target before a major bearish correction.

Today’s critical levels to watch:

Support: $38.80, $35.25

Resistance: $40.00

Crude oil bearish risk

Crude oil prices could not maintain the gain and currently trading inside the green box area. It might trigger a breakout below the green box area and also confirm the bearish rising wedge pattern. If bearish breakout happen, then there is potential of weakness toward $54.50 – $55.00 area. Traders who has long positions will put stop order below $64.00 as a breakout & close below the level will validate a bearish continuation.

Today’s critical level to watch:

Support: $65.00, $60.00, $52.4

Resistance: $67.20, $70.00, $77.13