Gold bearish correction?

After bulls set a new record high, gold prices experienced a bearish close on Friday. However, in the long term, the trend is still bullish so the bearish reaction that occurs is likely only a temporary reaction. The green box area or Fibonacci Retracement area is a place where traders can wait for a bullish reaction to confirm the continuation of the bullish movement.

Today’s critical levels to watch:

Support: $2,143, $2,074, $2,069, $2,000

Resistance:

Silver target $30.00 and $31.50

The trend of silver prices is bullish and as long as there is no drastic decline and a lower swing low point is formed, the trend will continue to be bullish. In the long term, the $30.00 and $31.50 points are upside targets that traders need to pay attention to. When a bearish correction occurs to $25.00 and $26.00, traders can use this opportunity for long position opportunities.

Today’s Critical levels to watch:

Support: $26.00, $25.00, $23.90, $23.00

Resistance: $30.00, $31.50

Crude oil testing support level

The escalating situation in the Middle East provides confirmation of further strengthening in oil prices. This is due to concerns that the world oil supply will be disrupted depending on the development of the situation. If the price still weakens further then traders can wait near support points for opportunities to enter long positions.

Today’s critical level to watch:

Support: $85.00, $80.00

Resistance: $90.00