Gold bearish reversal?

Gold prices has reached another record high today with $3,500 as the top. The price is trading lower since the top and currently trading near the opening level. We could say the price has reached the 161.8% extension level, which might trigger a short-term pullback. If the price start a bearish pullback then traders could wait near the $3,323, $3,244, $3,066 – $3,176 levels for bullish reactions.

The trend is bullish and there is no major change in the tariff war situation which mean the price could continue the bullish trend.

Today’s critical levels to watch:

Support: $3,150, $3,100,$3,000, $2,981, $2,900, $2,800

Resistance: $3,200, $3,250

Silver no bullish continuation yet

The price of silver stuck near the $33.00 resistance level and no bullish continuation yet. The price might turn lower and start a bearish correction. If the price turn lower, then traders could wait near the $31.50 level for bullish reactions. Overall, the trend stays bullish, but the price needs to climb and print a new higher swing high to avoid bearish reversal.

Today’s Critical levels to watch:

Support: $31.50, $30.00, $29.00

Resistance: $32.50, $33.00, $35.25

Crude oil rising wedge pattern

Crude oil prices stalled near the $65.00 level, and now we have a rising wedge pattern. If the price breakout lower, then it will confirm the pattern and continue the bearish trend. On the other hand, if the breakout higher, then it will cancel the pattern and start a new bullish trend (As happened in Bitcoin). $65.00 is the key level to watch for now, as long as the price stay below the level then traders could continue to assume that short positions better than long positions.

Today’s critical level to watch:

Support: $60.00

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