Gold fall below $2,000

Gold price bullish trend is unchanged but the price currently undergoes a bearish correction. The market seems to price in another rate hike by the Fed and presently selling the rumor. We think gold prices will continue the uptrend and the current bearish correction is a chance for traders to enter more long positions. Traders could wait near the $1,953 level for bullish reactions. On the upside, a new record high will become the target.

Today’s critical levels to watch:

Support: $2,000, $1,950, $1,900, $1,850

Resistance: $2,069, $2,074

Silver consolidation between $25.00 – $26.00

Silver prices traded lower after the rejection from the $26.00 handle. The price currently consolidates between the $25.00 – $26.00 area and will attempt to extend the bullish movement. If the price continues moving down then traders will wait near the $23.90 level for bullish reactions. Long positions could be taken near the level when there are bullish reactions. On the upside, a close above $26.00 will become the bullish confirmation.

Today’s Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil testing $77.13

The bearish movement of crude oil prices brought the price down and reach the $77.13 level. It is currently supported by the level and will attempt to bounce from it. However, if the bearish movement continues then traders will expect the price to close the previous upward gap. No change to the strategy, traders will wait for a bullish reaction to enter long positions with a stop below the previous swing low.

Today’s critical level to watch:

Support: $77.13, $70.00, $65.00

Resistance: $80.00, $85.00, $90.00, $95.25