Gold start bearish correction

After prolonged bullish run, gold prices officially started a bearish correction. The bearish pin bar pattern followed through with bearish gap and immediate fall to test the level near $3,244 high. It might pause for a while and continue the bearish correction toward the green box area as shown on the chart. The current bearish movement might be a high-odds situation as U.S-China looks to kick-off discussion on tariff war.

Nothing confirmed yet about the talk, so if there is no agreement, gold prices could resume the bullish trend. However, at the current time, the direction is to the downside and traders will make use of it to take speculative short positions.

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 breakout above $33.00

Silver prices diverging from gold prices and shoot to the upside. The situation might continue for now and the price will attempt to target $35.25 resistance level. If the price start a bearish correction, then $33.00 will act as support level now where traders could enter long positions.

Today’s Critical levels to watch:

Support: $31.50, $30.00, $29.00

Resistance: $32.50, $33.00, $35.25

Crude oil resume bearish trend

The rising wedge pattern on crude oil prices has been broken today. If the price could maintain the bearish pressure and close outside the pattern, then traders could expect bearish continuation to target $52.40. Traders who enter short positions will place a stop order above the $65.00 level.

Today’s critical level to watch:

Support: $60.00, $52.4

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