Gold to target $3,000

Gold prices fell sharply last week and now has a chance to continue the downward movement toward $3,000 level. It is a normal bearish correction as long as the price maintain new higher low. On the lower side, there is potential for bearish movement toward $2,950. Traders could use the moment to enter long positions when the bearish correction has been completed.

Today’s critical levels to watch:

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

Resistance: $3,100

Silver moving inside $29.00 – $30.00

Silver prices breakout from the bullish channel and fall toward $29.00 – $30.00 area. The price might stall inside the area and attempt to bounce from it. If the price could bounce upward, then $31.50 is the resistance level to watch. However, if the price breakout below $29.00 and printed a new lower swing low, then there is chance of wick movement. If the price could wick downward and bounce from $29.00 then traders could enter long positions.

Today’s Critical levels to watch:

Support: $33.00, $32.50, $31.50

Resistance: $35.25

Crude oil bearish continuation

The bearish movement of crude oil prices gaining momentum and reached the level near $60.00. As the bearish movement still has strong momentum, we might see another retest on the support level this week. Under current situation, traders will wait until the bearish momentum receded and there is bullish reversal from $60.00. When there is bullish reversal, traders could enter long positions.

Today’s critical level to watch:

Support: $60.00

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