Gold entering the green box area

After consecutive increases that set new record highs, gold prices finally experienced a significant bearish correction. The decline occurred reaching the green Fibonacci Retracement box area. Price will likely find support in this area and bounce up. Traders will watch the reaction of the price near this area for now. When a bullish bounce reaction occurs, traders can add to long positions.

Today’s critical levels to watch:

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

Resistance: $2,400

Silver retracing toward $25.00 – $26.00 area

A bearish correction is also being experienced by silver prices where the downward movement will target the $25.00 – $26.00 area. As written in previous analyses, the upside targets for silver prices are at $30.00 and $31.50. When a bearish correction occurs, traders can use the $25.00 – $26.00 area as a place to enter a long position. For now, traders will watch for a reaction from the price near the $25.00 – $26.00 area if the price can reach it.

Today’s Critical levels to watch:

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

Resistance: $30.00, $31.50

Crude oil targeting $80.00 and the trendline

Selling pressure on crude oil prices is still ongoing where the price will move towards the $80.00 point and the trendline. Traders will watch for the reaction of the price near $80.00 and the trendline. When a strong bullish bounce reaction occurs, traders can enter long positions. However, if the price continues to move down and forms a lower swing low point then the bearish trend will continue.

Today’s critical level to watch:

Support: $80.00

Resistance: $83.85, $85.00, $90.00