Gold sideways

Gold prices undergoing bearish correction and found support near the 38.2% Fibonacci Retracement. It is currently trading sideways and not immediately bounce and resume bullish trend. It means the situation is 50:50 either for bounce or bearish continuation. If the price continues lower, then it might test the bottom of the green box area before turning upward.

Traders who want to enter long positions could scale in inside the green box area with stop order below $3,070 or $2,955.

Today’s critical levels to watch:

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

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

Silver bounced from $33.00

Silver prices keep maintaining the bullish pressure and managed to bounce from the $33.00 level. The price is currently trading higher and will attempt to extend the swing high. If the price could immediately climb above the swing high, then we will see movement toward $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 on the path toward $60.00

The weakness of crude oil prices continue after the rejection from $65.00 level. The price will retest the $60.00 level and might extend the weakness to target $54.50 and $52.40. There is no change on the bearish outlook yet, at least until the price climb and close above $65.00.

Today’s critical level to watch:

Support: $60.00, $52.4

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