Gold $4,000 bounce

Gold prices extended the bearish movement and reached the $4,000 level. There is bullish reactions and the price bounce to its opening level. There is no conclusion yet on the price next movement. It might attempt to breakout lower again, or it might stabilize near the $4,000. Traders might want to wait for a few days to get better confirmation. Next week, FOMC meeting could become the trigger for the next movement in gold prices.

Today’s critical levels to watch:

Support: $4,000, $3,835

Resistance: $4,200

Silver 38.2% Fibonacci Retracement bounce

Latest bearish candlestick in silver prices has strong momentum, which suggest further downside. There is bearish attempt today and the price manage to bounce from the 38.2% Fibonacci Retracement level. However, it might be a temporary bounce reaction. Traders will prepare for further downside in the price and wait near lower support level for bounce reactions. When the price could stabilize for few days, there is chance of reversal.

Today’s critical levels to watch:

Support: $50.00, $47.07, $44.357

Resistance: $55.00

Crude oil retest $60.00

Crude oil prices bounced from the $57.50 level and now trading near the $60.00 level. It might continue to test the $60.00 level for now and looking to breakout higher. If it could break out and move higher to print higher swing high above $62.86 then the trend might turn bullish. As long as there is no new higher swing high, there is chance of bearish continuation to target $54.50 – $55.00 area.

Today’s critical level to watch:

Support: $57.60, $55.00, $54.50, $52.4

Resistance: $60.00, $65.00, $67.20, $70.00, $77.13