Gold bearish reaction

Gold prices formed a major bearish pattern from the $1,900 resistance level. We have a bearish engulfing pattern which might indicate further weakness. At the current time, gold prices have not moved below the previous day low yet. If the precious metal could continue to hold its position without breakout then gold might attempt to move higher again.

On the other hand, if gold managed to close below the previous day low then traders will prepare for weakness toward $1,850 and $1,780 – $1,800 area.

Today critical levels to watch:

Support: $1,850, $1,800, $1,780

Resistance: $1,900, $1,950, $2,000

Silver major bearish close

Silver price made a strong bearish movement yesterday and closed the day as bearish engulfing pattern. At the current time, the bull attempting to recover its losses yesterday. If the price could erase all of its losses then we might see silver continue its upward movement toward $25.00 – $26.00 area.

Today Critical levels to watch:

Support: $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil hold position inside $38.50 – $40.00 area

Crude oil managed to close above $38.50 and continue its bullish movement yesterday. Initially, the price could climb above $40.00. However, at the end of day, the price moves back and close inside $38.50 – $40.00 area. Traders will wait for further reaction near the $38.50 – $40.00 area for now.

Today critical level to watch:

Support: $38.50, $33.00, $30.00

Resistance: $40.00, $49.00, $50.00