Gold continuing bearish correction

The first bearish correction in gold prices bounced from previous broken swing high and recover to close near $3,100. It seems the bull still has control until the price hit by second wave of selling today. It seems gold prices will continue the bearish movement to target $3,000 level next. Traders will observe the price reactions near the level. When there are bullish reactions, traders could enter long positions expecting continuation toward the next target of $3,258.

Today’s critical levels to watch:

Support: $3,000, $2,981, $2,900, $2,800

Resistance: $3,100

Silver major bearish move

The bullish trend of silver prices seems broken now as the price fall down with strong momentum. The rally since beginning of year erased in just two bearish candlestick. If the price could not maintain its position above the $29.00 then we might see more panic selling below the level. It might be better time to wait and see for now until the bearish pressure receded.

Today’s Critical levels to watch:

Support: $33.00, $32.50, $31.50

Resistance: $35.25

Crude oil moving toward $60.00

Crude oil prices got rejected from $70.00, fall below $65.00 and almost reached the $60.00 level. We have major sell-off after China retaliate toward tariff imposed by President Trump’s administration. Next week, we might see more reactions from other countries which could trigger further sell-off. It is better to stay sideline for now.

Today’s critical level to watch:

Support: $60.00

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