Gold supported by Fibonacci levels

The bearish correction of gold prices seems having hard time to continue as it stay above the green box area (Fibonacci Retracement area). A bounce has happened, but we could say the situation is sideways for 4 days. We have a range formed, and the next direction will depend on the breakout directions. If the tariff war de-escalate and there is news confirming an interest-rate cut, then gold prices will stumble further lower.

Despite the situation, gold prices might continue its long-term bullish trend as long as it stays above $2,955 – $3,000 area.

Today’s critical levels to watch:

Support: $3,250$3,200, $3,150

Resistance: $3,350, $3,400, $3,500

Silver stick near $33.00

Silver prices were under bearish pressure today and fell below the $33.00 level. However, the bearish pressure receded, and currently the price is trading above the $33.00 and opening level. If the price could immediately gain bullish momentum this week, then traders could expect bullish continuation to target the $35.25 resistance level.

Today’s Critical levels to watch:

Support: $33.00, $32.50, $31.50, $30.00, $29.00

Resistance: $35.25

Crude oil sideways

Crude oil prices might be bearish after the rejection from $65.00. However, the price does not fall with strong bearish momentum and struggling to continue the bearish movement. We might see the pair continue trading sideways for now. On the upside, if the pair close above $65.00 then it will cancel the bearish outlook. Meanwhile, a movement below $60.00 will confirm bearish continuation.

Today’s critical level to watch:

Support: $60.00, $52.4

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